Council, as the University's governing body, must take reasonable steps to ensure that there are sound arrangements for risk management, control and governance, and for economy, efficiency and effectiveness (Value for Money), within the University.
Executive Board is the senior University body with responsibility for consideration of Value for Money issues as part of the ongoing business of the University. Executive Board has responsibility for the development of performance indicators on key elements of the University's activities which can help to contribute to an assessment of economy, efficiency and effectiveness.
The Audit Committee has particular defined duties with regard to VFM. The HEFCE Audit Code of Practice requires the Committee to state formally in its annual report to the Council whether or not it is satisfied with the arrangements in place within the University to promote VFM.
Executive Board has asked the Registrar to take responsibility for promoting VFM. The Registrar will aim to:
The VFM Working Group supports the Registrar in implementing the VFM Policy. The VFM Working Group is an informal group drawn from various parts of the University. Its members include representatives from the Finance Office, Purchasing Services and Internal Audit. It has available to it a range of management information including monthly reports produced by Procurement Services.