Result of Yorkshire Housing’s IDA
Yorkshire Housing welcomes the outcome of its recent In Depth Assessment (IDA) by from the Regulator of Social Housing (RSH). The full report is available on their website here.[HJ1]
We are pleased the business remains compliant with all regulatory and legal requirements. The RSH have highlighted the need for some improvements to our governance and financial reporting. This has resulted in our governance rating being downgraded to G2.
We welcome the feedback from the RSH and are working closely with them to quickly address all the points they have helpfully raised. We have a plan in place to respond to the IDA findings and deliver these improvements by the end of the year.
Ahead of the IDA, work was already underway to modernise finance systems and procedures, a number of which are reflected within the Regulatory Judgement. These had been identified within our Business Strategy and approved by our Board in September 2019.
Significant investment was already being made in our internal systems and processes. This includes new digital finance systems and improved financial reporting. This work is part of business-wide transformation taking place to digitise many of our systems, processes and reporting frameworks.
We remain financially strong and compliant as a business. Our financial viability also remains compliant but has been regraded to V2 to reflect our extensive growth and investment plans.
We have ambitious plans as an organisation and making these improvements ensures we have strong foundations to build on for the future.