How to prepare for an IDA
It has been nearly four years since In Depth Assessments were first introduced and now the Regulator for Social Housing has announced that they plan on carrying out IDAs every other year for the largest and/or most complex housing providers. So how can you make sure that you are prepped and ready for your next meeting with the regulator?
Preparation, preparation, preparation!
Be sure to plan. Develop a project plan on how you are going to manage this process and identify the key people and roles involved. Keep this plan up to date to ensure you are ready.
Act now! Don’t wait until a few days before to collate your key documents. Start as early as you can and make sure to review documents regularly to check that they are correct and up to date. This can be the most burdensome task of the process, so start in good time.
Know your risks. Your IDA will focus on your organisation’s key risks. Ensure that you know these and understand your risk strategy and how you are going to mitigate against these.
Stress testing. The regulators have placed emphasis on stress testing and making sure that boards have greater ownership of stress-testing exercises. Make sure you know the stresses of the organisation including any risks across a range of scenarios.
Show proof. Evidence is a key part of this process. Make sure that every decision that has been made is evidenced - not just on the outcome but how the outcome was decided, too. Evidence your stress testing to show how you’ll respond to different events. Detail is key.
Clearview’s strategy and performance suite
Clearview’s Strategy and Performance suite can aid you in the process of preparing for an IDA. Document, manage and monitor your plans and projects using our strategy and project modules. Easily access all your key risks in one place and create controls to mitigate these with our risk module. Capture and update the external factors that can impact these using our PESTLE and SWOT analysis tools. Self-assess yourselves using the service excellence module, providing evidence and linking key documents, and accessible all in one place.
To understand more on how Clearview’s Strategy and Performance suite can help you with your IDA, contact us or arrange a demo.
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