This document provides the procedural framework for our financial affairs. Its purpose is to ensure that employees and members comply with specific statutory provisions, best professional practice and that the integrity of our financial affairs is protected. All financial and accounting procedures must be carried out in accordance with these Regulations and other corporate guidelines. It includes guidance on financial planning, financial management, accounting records and financial systems, risk management and internal control, control of resources, income and expenditure, external arrangements, and other key policies and documents.
Scheme of Delegation for Financial Management
This document is a companion document to the Financial Regulations. Its purpose is to explain how we conduct our financial affairs and the requirements and process for delegation of authority, including approval limits. Delegation of authority is the assignment to post-holders of responsibility and accountability for specific roles and tasks. Approval limits specify the value up to which a post-holder may authorise transactions falling within the scope of their delegated authorities and role description. The scheme of delegation uses preventive, directive and detective controls.
We wish to ensure that our employees and members as well as others who incur expenses in relation to our work – such as witnesses, advisers and interviewees are provided with appropriate arrangements for travel and accommodation relating to our work. The policy sets out rules for the reimbursement of travel, accommodation and subsistence expenditure and provides information on what expenses can be claimed, how and when. This covers travel and subsistence, carer costs, hotel accommodation, insurance, airline frequent flyer scheme, witness loss of income and locum fees.
Member Fees Policy
We are committed to ensuring that we pay our members appropriate fees for the work they undertake for us. We wish to ensure the fees paid to our members are fair and remain current and as such review the fees every three years against benchmark data. This policy outlines how members’ fees are set and how they are reviewed. It also provides guidance on who is entitled to additional fees and how fees and expenses are paid.
This document details member fees payable for the financial year 1 April 2022 to 31 March 2023.
The policy provides a framework for the management and control of the GOC’s investments. It provides information on our investment objectives, standards of care, investment transactions, performance review and reporting, record keeping and safekeeping and policy considerations.
The policy provides a framework for the management of our reserves. All reserves are unrestricted although we have designated some for specific purposes. Information is given on the target levels for some reserves and the conditions for their use.
Contracts and Procurement Policy
The policy provides a framework for the management and control of our Contracts and other procurement. It states the rules for buying goods, works and services.
Risk Management Strategy and Policy
Our risk management policy is to adopt best practice in the identification, evaluation and cost-effective control of risks, to ensure that they are either eliminated or reduced to an acceptable level. The policy provides details of responsibilities, the risk management process, risk identification, analysis, recording, monitoring, and review.
Management of Interests Policy
This policy provides guidance on what interests must be declared; how and when to declare interests; how to identify and manage conflicts of interest; and how interests will be published.
Speaking up Policy (for GOC staff)
This guidance is to help our staff in situations where they need to consider speaking up about possible concerns at the earliest opportunity and in an appropriate way.
Anti-financial crime Policy
This policy defines financial crime and provides examples which can be used to recognise such activity. It sets out our expectations in relation to the prevention, detection and reporting of financial crime and the consequences of non-compliance with the policy.
Gifts and hospitality Policy
Gifts and hospitality can be an appropriate part of a working relationship but any acceptance must not improperly influence, or be seen to be improperly influence, any decisions or create a feeling of obligation.
This policy covers gifts (which includes gifts, rewards and prizes, donations and sponsorship and speaking fees) and hospitality.