Financial Regulations

University subsidiaries or other related entities may only be set up with the approval of the University Secretary and in accordance with the Scheme of Delegation.

All University entities, which include all subsidiaries and the University of Glasgow Trust, must adhere to these Financial Regulations.

Student associations, such as the unions, sports clubs and Student Representative Council, are not owned or controlled by the University, and as such they are out of scope of these Financial Regulations in their day to day activities.  They are however prohibited from:

• Opening a bank account or other account with a financial institution in the name of the University; and
• Contracting with any third parties in the name of the University.

The Executive Director of Finance is responsible for the University’s insurance arrangements, including the provision of advice on the types of cover available. Day to day responsibility is delegated to the Head of Tax, Treasury and Reporting and the Financial Controls, Compliance and Insurance Manager.
As part of the overall risk management strategy, all risks will have been considered and those most effectively dealt with by insurance cover will have been identified. This is likely to include important potential liabilities and provide sufficient cover to meet any potential risk to assets. This portfolio of insurances will be considered and approved by the Finance Committee on an annual basis.
The University’s Financial Controls, Compliance and Insurance Manager is responsible for:
• Effecting insurance cover as determined by the Finance Committee;
• Obtaining quotes, negotiating claims and maintaining the necessary records;
• Keeping a register of all insurances effected by the University and the property and risks covered;
• Dealing with the University’s insurers and advisers about specific insurance problems; and
• Providing staff members with appropriate information about the University’s insurance policies via the Insurance Team’s website
• Establishing processes for notification to the insurers via the Insurance team of any relevant matters.
• Notifying the University’s insurers of potential claims and, where necessary, handling claims in conjunction with the Head of School or Administrative Service.

All staff members are responsible for:
- Giving prompt notification to the Insurance Team of any potential new risks or activity or of any alterations to existing risks;
- Notification of additional property and equipment that may require insurance;
- Immediately notifying the Insurance Team of any events which may give rise to an insurance claim (either by or against the University) arising under its insurance policies (except travel claims, which can be notified directly to the University’s insurer following the process available on the Insurance website)
- Per Section 4: Income Ensuring that each time a contractual agreement to provide goods, services or research to or with an external body is being considered, a risk assessment is completed. The risk assessment should identify any actions, events or sets of circumstances that could arise as a result of the contract, which could adversely impact on the University’s ability to achieve its objectives. The risk assessment should also identify how the risks can be i) avoided, ii) reduced to an acceptable level, or iii) managed and contained.
- Referring potential contracts to the Legal Team in accordance with 2.13 Contracting on behalf of the University, who will review with input from the Financial Controls, Compliance and Insurance Manager where appropriate.