Silva Homes has received the top regulatory judgement for both its governance and financial viability from the Regulator of Social Housing following their In-depth Assessment (IDA) of the housing association, which started in September 2018. ((November 28, 2018)
The judgement is:
- Governance grade: G1
- Viability grade: V1
The IDA considered Silva’s strategy, structure, risk profile and mitigation, financial resilience, governance and value for money.
Alan Ward, Chief Executive at Silva Homes, commented: “We’re proud of these results and the efforts of our board and all of our colleagues, which reflect our ongoing commitment to strong governance and financial strength, and enables us to achieve our objectives to deliver quality services to our customers, invest in our existing homes and to provide more much needed affordable new homes."
IDAs are carried out on all housing associations every four years to regulate the housing sector. The assessment involved desk-top research, detailed scrutiny of documentation, observing a board meeting and carrying out interviews with the executive team and senior board members.
About In-depth assessments (IDAs):
- Preliminary desk-based review – a huge amount of documents submitted upon which the regulator developed an interim position setting out their understanding and identifying the areas where they intended to seek further assurance
- Detailed fieldwork – the regulator met with members of the executive board and with the chair of the board and the chair of our audit committee. They also observed a meeting of the board in September.
- Reporting and closure - on completion of the fieldwork they considered the assurance received against compliance with their regulatory standards. An internal report went to their quality assurance panel and we had a feedback meeting last week. They informed us of the outcome but it was embargoed until today when it is published on their website.
There are several ratings you can get for governance G1, G2, G3 or G4; and similarly for viability V1, V2, V3 and V4. The rating can be any number of combinations. Anything below G2 or V2 is non-compliant and would result in regulatory intervention of some kind.