“The Homes and Community Agency (HCA) downgraded 8,785- home Derwent Living to a G3 and V3, which means it is not compliant with regulatory standards”, according to reports by Inside Housing
The following issues were put into consideration by the regulator:
It was not convinced that Derwent’s “risk management strategy is sufficiently developed for an organisation of Derwent’s size and complexity”
The housing association has not sufficiently developed it’s understandings of assets and liabilities to identify and manage the risk flows associated with the group’s activities and financial arrangements and
The information to the board sometimes lacks precision and clarity.
Chief executive of Derwent, Peter McCormack, said:
“While disappointed by the news of the downgrade we are working with the HCA to address their concerns. The board is developing an action plan with a view to regaining compliant status as quickly as possible.”
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