NACFB governance labelled as ‘exemplary’ by independent auditor

Consultants viewed the Association’s arrangements as ‘more thorough’ than other organisations of a similar size and function

 

The NACFB is passionate about helping to protect our Member’s businesses and one way we do this is reviewing brokerages by benchmarking them against our Minimum Standards. But how do you know that we ourselves are running a tight ship?

Financially we have our annual audit, this has recently been signed off having received a clean report. But in addition to this, we have sought assurance from a firm of independent external consultants, Rockstead, who specialise in internal audit support.

Our brief to them was to analyse and test our policies and procedures and view the Association’s operation through a number of different lenses to make sure our house is in order.

The Rockstead team embedded themselves at our head office and explored the processes, documentation and cultures that your trade body operates under. Their findings championed the Association’s high standards of leadership, corporate governance processes, systems and controls.

The good news is that your trade body passed with flying colours which provides us, as well as our Members and Patrons, with the confidence that we are building the Association on sound foundations.

Following the review, Rockstead provided a report from which the below comments have been extracted:

  • “We consider that it [the NACFB] demonstrates high standards of leadership and a progressive corporate culture.”
  • “In our opinion corporate governance processes are exemplary. Appropriate, proportionate policies are in place to underpin operational and regulatory requirements. These in turn are broadly supported by effective systems and controls which ensure that these are complied with.”
  • “We would consider these arrangements to be more complete and thorough than other organisations of a similar size and business function.”

Established in 2008, Rockstead is an independent asset, business and process review company. Rockstead are recognised as the leading provider, with the longest history, in due diligence services throughout Europe.

 

Taking the NACFB Board on the road – first stop Bristol

 

On Thursday 11th April the Board met in Bristol and were tasked with addressing how to improve engagement with Members. We started by looking closely at the membership features, benefits and value to ensure that we remain aligned to our vision and mission.

We assessed and critiqued our membership journey and agreed that any output should be tailored to the appropriate Member cohort.

Ideally, we would like all our Members to be strong and passionate advocates of the Association and have a way of measuring whether this is being achieved. The task was to ensure that all engagement potential is being exploited.

We then moved on to a more creative session with the objective of identifying additional needs where we can add value. It was agreed that more work is required and a number of the Board were charged with tasks to complete prior to attendance at a strategy day to put some detail around potential new initiatives.

Meeting in Bristol was the start of our desire to engage more directly with Members. After the meeting had completed the formal agenda, Members were invited to join the Directors for an informal presentation of the meeting output as well as a conversation on a range of topical issues.

This was a new departure for the Board. Feedback from all parties was positive indicating that this will become a new way of working which in itself will also contribute to our main effort of improving Member engagement.