✨ Risk Assessment Criteria for Tertiary Education Institutions
NEW ZEALAND GAZETTE, No. 6 — 22 JANUARY 2015
The risk assessment criteria apply to three areas.
These are:
- organisational;
- financial; and
- educational.
Two of the risk assessment criteria cross-reference the Financial Monitoring Framework (FMF) operated by the TEC from 1 January 2010.
1 To the extent that the FMF is incorporated by reference in this notice, it should be taken to be the FMF in the form published by the TEC on its website on the date of publication of this notice in the New Zealand Gazette. Any revision to the FMF will not be automatically included in this notice, and a replacement notice will need to be published in the New Zealand Gazette to give effect to any changes to TEC’s FMF.
Nothing in this notice limits or affects the duties of a tertiary education institution council under section 181 of the Act, or any other duties or obligations of an institution or council under any other enactment.
Words and phrases used in this notice bear the same meaning as under the Act.
Criteria for Assessing the Level of Risk
Organisational
-
The council has not fulfilled, and continues not to fulfil, its statutory functions and duties under the Education Act 1989.
-
The council has failed, and continues to fail, to ensure the institution maintains adequate systems and processes for effective planning, and for the effective management of the financial and educational performance and infrastructure of the institution.
-
The council has failed, and continues to fail, to meet a material obligation under the Education Act 1989, Crown Entities Act 2004 or Public Finance Act 1989.
Financial
-
The institution is, or is at risk of being, unable to pay its debts as they become due in the normal course of business.
-
The institution has breached any of the conditions set by the Secretary for Education in a borrowing consent under section 192(7) of the Education Act 1989, and the breach has not been remedied.
-
The institution is in default under any loan or other facility agreement with a bank or other commercial lender, or the Crown, and the default has not been remedied.
-
The institution has an overall rating of Moderate Risk or High Risk in the most recent financial performance assessment carried out under the FMF operated by the TEC from 1 January 2010. The overall financial performance assessment under the FMF covers the dimensions of the shorter-term financial viability and longer-term sustainability of an institution.
-
The institution has a rating of Moderate Risk or High Risk under the financial viability criteria in its most recent financial performance assessment carried out under the FMF operated by the TEC from 1 January 2010. The financial viability criteria under the FMF focus on the shorter-term financial performance of the institution.
Educational
-
The polytechnic has failed to meet the educational performance commitments in the investment plan agreed by the TEC.
-
The external evaluation and review of the polytechnic carried out under the auspices of the New Zealand Qualifications Authority has resulted in an assessment of educational performance that is "not yet confident" or "not confident".
128
Next Page →
NZ Gazette 2015, No 6
✨ LLM interpretation of page content
🎓
Risk Assessment Criteria for Tertiary Education Institutions
(continued from previous page)
🎓 Education, Culture & ScienceRisk Assessment, Tertiary Education, Organisational Risk, Financial Risk, Educational Performance