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Overall there was broad support for the proposed changes and Monitor is now in the process of implementing them. The proposed changes, the feedback Monitor received on them, and the next steps are summarised in this document.
Monitor updated Appendix C of the ‘Risk Assessment Framework’, which only relates to NHS foundation trust transactions, following this consultation.
The consultation sets out 5 changes to Monitor’s approach to assessing the risk of financial transactions:
- changing the threshold for ‘significant’ transactions that require a detailed review
- introducing a clearer and more transparent approach for detailed reviews, including guidance on best practice for transactions
- introducing a single transaction risk rating to replace the previous indicative continuity of services rating and governance rating for significant transactions
- being more flexible about when board governance statements on quality governance must be submitted after the transaction has taken place
- making minor changes to the certification on transactions reflecting the changes above