actiononhearingloss.org.uk
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Risks and uncertainties
The Trustees continue to support a formal risk management process to assess business
risks and implement risk management strategies through regular review and oversight by
the Audit Committee. This has involved identifying the types of risks faced by Action on
Hearing Loss, prioritising them in terms of potential impact and likelihood of occurrence and
then identifying and implementing mitigation steps. We continue to measure the impact of
any potential risk by considering our free reserve position rather than income.
Strategic risk identification and oversight this year has focused on continued, careful
management of our financial position, improved regulatory reporting meeting changing
requirements, further progress with the development of our Commercial Services Group
strategy, and monitoring and modifying approaches to fundraising to meet changing
regulations and expectations.
Action on Hearing Loss has a clear policy in relation to its strategic risk appetite being risk
averse in terms of financial management and risk-taking in terms of supporting the aims of
our beneficiaries.
We are actively monitoring the risks and uncertainties arising from exiting the European
Union through our Audit Committee. We are consulting various sector groups to identify
any emerging risks, threats and opportunities. Currently no material change is noted from
our risk analysis.
As Trustees we recognise there remain uncertainties that could affect our risk-mitigation
strategy through uncontrollable, external factors such as government policy, external focus
on the charity sector fundraising profile and the wider economic conditions.