Financial governance
Financial Regulations
All financial and accounting procedures must be carried out in accordance with these regulations and other corporate guidelines. This ensures that employees and members comply with specific statutory provisions, best professional practice and that the integrity of our financial affairs is protected. . 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.
Scheme of Delegation for Financial Management
Expenses Policy
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.
Investment Policy
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.
Member Fees Schedule
These documents detail member fees payable for the financial year 2026-27.
Reserves Policy
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.
Contracts and Procurement policy
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.
Risk management strategy and policy
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.
Management of Interests policy
Anti-fraud Policy and Fraud Response Plan
This policy and plan sets out how we prevent, detect and respond to actual or suspected fraud, theft and irregularities. It explains the controls we have in place to protect our resources, the responsibilities of our workforce in combatting fraud, and the process for reporting and investigating concerns. These safeguards support strong financial governance and help maintain public trust in our regulatory work. This document applies to anyone undertaking work on the GOC’s behalf, including all employees, agency staff, consultants, Council and committee members, workers and contractors.
Anti-fraud Policy and Fraud Response Plan
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.
Never Events Framework
A Never Event is an incident of the utmost criticality, which GOC internal controls should prevent from happening. This framework sets out how we will respond when they occur.