Why choose KCG?
Higher Education institutions choose to become Members of the KCG Consortium because it is an innovative shared service and shared cost arrangement, providing the full range of internal audit, risk management, governance and advisory services, and offering high quality and value, and because of the following:
- Enhanced value internal audit reporting – By being part of a Consortium, members are able to receive insights from us on best practice seen at other institutions. There are also opportunities for benchmarking projects to provide additional value to the Consortium Members.
- Strategic impact internal audit – The KCG Internal audit and risk assurance service is proactive and forward looking, provides challenge to institutions and takes a risk based focus across all institutional activity. The KCG Consortium is fully equipped to:
- Assist and advise in the assessment and management of institutional strategic and operational risks at every level.
- Identify business process improvement opportunities, cost savings and value for money (VfM) opportunities.
- Advise on enhancements to governance and management arrangements.
- Act as a catalyst for institutional change and seek to identify opportunities to enhance the delivery of the institutions’ corporate objectives.
- Not for profit and cost effective – All costs are shared between the Member institutions in proportion to professional service days delivered. The KCG Consortium is not profit-making from its membership and VAT savings are achieved through joint employment of staff; there is full exemption from VAT within the Cost Sharing Group arrangement.
- Embedded within Higher Education – KCG’s competitive edge is its ability to provide genuinely tailored in-house internal audit and risk assurance services at a competitive cost/price to its Member institutions, and with a thorough understanding and knowledge of HE culture and operations.
- Quality assured – KCG’s Internal Audit Services are designed to comply with the Public Sector Internal Audit Standards (PSIAS) and our audit procedures are performed in accordance with our understanding of the proper interpretation of the law and in accordance with the Office for Students’ Terms and Conditions for Funding for higher education institutions. Regular independent reviews are carried out to ensure ongoing compliance with professional standards. In addition, each Member institution monitors the quality of services it receives on a regular basis, using quality assurance questionnaires to capture the assessments.
- Effective governance through the KCG Board – KCG Consortium Members are able to participate in the strategic direction of the KCG internal audit service and to have oversight of operational delivery.