We have revised the financial regulations at UCL, which is the initial phase of a comprehensive review of the decision-making procedures at UCL.
Financial regulations outline our responsibilities in managing finances at UCL, encompassing various aspects such as ethical standards, income generation, purchasing, and budget oversight.
After a thorough review, these regulations now accurately represent the current regulatory landscape, governance structures, and practices at UCL.
The document has been significantly reorganized to enhance navigation, and inconsistencies have been removed. Terminology, roles, governance, and key institutional areas have been updated to align with the current structure at UCL. The connections between strategy and relevant processes have also been refreshed.
Streamlined processes include:
- Adjusting the delegated research grant and authorization limits to improve contract effectiveness within research and innovation services.
- Modifying the commercial supplier selection process to raise the control list threshold from £50,000 to £75,000, thereby lessening the administrative load on involved personnel.
Further enhancements regarding finance requisition and the approval of signatories will be communicated this week.
The updated Financial regulations and related FAQs addressing the regulations and the larger project on delegated authorizations can be found on the FINANCE website.
About the Delegated Authorization Project
The delegations refer to the authorities granted to specific roles and committees involved in final decision-making at UCL. This project was initiated as part of the priorities outlined in our strategic plan consultation and aims to:
- Ensure compliance with regulations concerning decision-making at UCL.
- Increase transparency and clarity regarding who is authorized to make specific decisions.
- Enhance operational efficiency and lighten the workload by ensuring decisions are made by the appropriate individuals at the right times.
- Address potential risks within the institution that arise from unclear or misaligned authorizations.
- Reinforce the appropriate responsibility and autonomy of specific roles within UCL.
The outcome of this project will include modifications to our governance documents and the creation of a comprehensive delegation documentation scheme.