An independent review of the Transparent Approach to Costing (TRAC) has made a number of recommendations about how unnecessary regulatory burden could be reduced.
The review, carried out by KPMG, was commissioned by the UK Higher Education Regulators and Funders (Financial Sustainability) Group (RFG) in response to the government’s request as part of a wider review of bureaucratic burden. The RFG consists of representatives of the Office for Students, UK Research and Innovation (UKRI) and the higher education funding bodies for Wales, Scotland and Northern Ireland.
The review sought to assess and identify options for ensuring TRAC is not disproportionately burdensome and that it provides the data the government, regulators, funders and higher education institutions need.
The OfS will work with UKRI and funding councils in Wales, Scotland and Northern Ireland on delivering improvements.
Nolan Smith, Director of Resources and Finance at the Office for Students and chair of the RFG, said:
Read the review
‘On behalf of the RFG I would like to thank KPMG for this comprehensive review and the significant input provided from the sector. It is clear that the majority of contributors to this review acknowledged the benefits of TRAC.
'The review focused on burden, and KPMG has provided a number of recommendations about how burden could be reduced and/or greater value could be derived through TRAC.
'In the latest TRAC guidance, we have already implemented the recommendation that the review suggested would make the most difference – streamlining the requirements around the governance sign-off process within institutions.
'The RFG is now working through the recommendations and priorities.’