We have recently been upgraded to G1/V1 by the Regulator of Social Housing. Carol Bode, Chair of Radian Group, explains what this means for us, the role leadership has played and why organisations shouldn’t fear regulation.
I’m really pleased that we have been reassessed as G1 for governance by the Regulator of Social Housing (RSH). This means that we are again a G1/V1 rated company – the highest ratings we can achieve for governance and financial stability.
The G2/V1 rating we received in early 2018 reflected where we were in taking action to address our development strategy and other weaknesses stemming from the previous governance arrangements.
While it was disappointing to be downgraded, before the 2018 review took place, we had already recognised that we were not performing at our best, but we had the aspiration to do so. We were in a period of transition of leadership, needed a clearer direction for our development strategy, and needed to improve communication.
We had started the process of rectifying these areas, so we weren’t surprised that our rating was changed to G2 as we hadn’t yet completed our changes. I was confident that the outcome of the new processes we were creating would make us a much stronger organisation and able to re-achieve G1.
Our commitment to good leadership has been very important in this achievement. We really value leaders who have a holistic viewpoint that cuts across specialisms and allows them to adopt innovative and imaginative approaches to running a business in today’s environment. This alone is not enough however, and our leaders combine these qualities with an overriding sense of our social purpose and the need to always put our customers first.
We have worked hard to draw this into our changes in ensuring that our leaders are able to provide the clear development strategy that the business needs and that is now reflected in us regaining our G1/V1 rating.
Getting G1/V1 reflects our credentials and it is important as it allows us the opportunity to access funding and be part of major projects, something that you just can’t do without the rating. I’m proud of how the Board worked closely with the leadership team to seize this opportunity for us to once and for all be clear about our future direction, make sure that we had the right leadership in place, and develop our communication so that we can realise our ambition of helping to solve the housing crisis and create communities where people want to live and thrive.
My belief about regulators is that if you’re doing the right thing, you should welcome them. If you are agile, flexible and adaptable to opening your minds to new approaches and engaging with colleagues, you will co-create a bright future. And make sure you use them as an opportunity; you can tick all the boxes in an action plan, but long-term success is about more than that, you need to embed the actions and sustain them.
– Carol Bode, Chair of Radian Group