72 Virtual Brochure – March 2025 Roles and responsibilities • Who is responsible - whilst many financial regulations/procedures state that the responsibility for maintaining asset management records rests with the Dean or Head of Department, this responsibility was often found to be delegated, with the Dean/Head of Department having negligible Input or knowledge of their asset records. Roles and responsibilities should be clearly defined In terms of who, in practice, will be responsible and for what. • Procedures - the process for adding and removing assets from an inventory should be clear so that staff understand what needs to be reported. This should extend beyond purchase and disposal, and should cover changes to assets caused by donations, transfers from one institution to another, asset arriving/leaving with an academic etc. • Aligning local asset management practices - to ensure consistency and embedment across the institution, and that there is linkage (both ways) between fixed and non-fixed asset management, there should be regular interactions between Central Finance (or the finance person responsible) and those responsible for departmental inventories. Such interactions should be used to track additions and disposals, ensure consistency in asset descriptions, ID references etc. • Training, communications and awareness raising - to support the embedding of asset management policy and practice, including the associated benefits and value, the delivery of training/briefing to those involved in policy, processes and templates. • Compliance checks - what level of checks should be undertaken across the University, at what frequency and by whom. These checks should be undertaken on a sample basis, to ensure assets are in the stated location and to help Identify assets that are missing.
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