Innovate UK’s monitoring mechanisms under scrutiny

UK Research and Innovation says it has stepped up the oversight of grants at Innovate UK, after detecting weaknesses in the way the innovation body supervises its funding.

According to the umbrella funding agency’s latest annual report, reviews of the way Innovate UK monitors how its funds are being spent “consistently indicate that improvements are required to Innovate UK’s governance, risk management and control framework”.

Seven internal audits of Innovate UK funding streams were carried out in the financial year 2018-19, the report says. “Two provided opinions of moderate assurance, four of limited assurance, and one resulted in a management letter.”