From Compliance to Confidence: Applying the UK Corporate Governance Code 2024 to Strengthen Organisational Resilience in the Housing Association Sector

By Becky Tucker, Founder and CEO, House of Risk

Why This Matters Now

The UK Corporate Governance Code 2024 may have been designed for listed companies, but its influence is steadily extending beyond the London Stock Exchange. For the social housing sector, the revised Code is more than a benchmark — it's a preview of what’s coming. Housing associations must prepare for a future where expectations around internal controls, ESG integration, ethical governance, and board accountability will become more rigorous, codified, and assessable.

At House of Risk, we interpret this shift through the lens of organisational resilience. That means not just meeting external requirements, but embedding the kind of governance, risk, and assurance practices that help housing providers adapt, recover, and thrive amid uncertainty.

We see this Code as a valuable opportunity — one that boards and executives can proactively use to evaluate maturity, tighten oversight, and clarify how purpose and risk are translated into action.

This article breaks down the Code’s most relevant themes and, crucially, explains how housing associations can apply them today — with House of Risk’s support — to strengthen governance and resilience.

1. Board Leadership and Purpose

The Code places emphasis on leadership that is purposeful, values-driven, and accountable. It encourages boards to articulate their purpose clearly and ensure that it informs decision-making throughout the organisation.

For housing associations, this is already a strength — but one that must be made visible and measurable. Boards can:

• Anchor strategic decisions in their social mission.

• Ensure Chair and CEO roles are clearly separated, with strong non-executive oversight.

• Reinforce a culture where values are not aspirational, but operational.

How House of Risk can support: We specialise in strengthening the infrastructure that enables strong and resilient governance, with a focus on leadership maturity diagnostics, organisational resilience frameworks, and aligning purpose with decision-making. Our work ensures that risk and assurance functions are fully integrated with strategic oversight and cultural alignment.

2. Internal Control and Assurance Frameworks

The most significant structural change in the 2024 Code is the requirement for boards to formally attest to the effectiveness of internal controls by 2026. For housing associations, this aligns closely with the Regulator of Social Housing’s expectations around assurance and control.

Now is the time to:

• Define your control framework, entity-wide.

• Map roles and responsibilities across the Three Lines of Defence.

• Review how internal controls are documented, tested, and reported.

How House of Risk can support: We offer full assurance mapping, control framework development, and gap analysis to ensure internal control is not only understood — but embedded, consistent, and transparent.

3. ESG as a Strategic Imperative

Taking a mature approach to ESG integration is fast becoming a marker of leadership — not just compliance. The Code’s explicit focus on ESG represents a step change in expectations, and those who get ahead now will be better prepared as reporting standards and scrutiny continue to tighten. ESG is not only a compliance challenge; it’s a hot topic, and a strategic one.

Boards are expected to understand and address environmental and social impact, with disclosures that are specific and decision-useful.

For housing associations:

• ESG is already central — but boards must evidence it.

• Reporting must move from narrative to measured outcomes.

• ESG should influence investment decisions and risk appetite.

When embedded properly, ESG is not a reporting stream — it’s a driver of governance quality.

How House of Risk can support: We support boards in developing ESG-informed risk appetite and ethical governance frameworks. This includes ESG integration into risk registers, the creation of decision-making tools, and ethical stance statements grounded in your mission.

4. Ethical Decision-Making as a Foundation for Resilience

As governance expectations rise, boards need more than reactive controls — they need clarity on what they stand for. The 2024 Code strengthens focus on values-driven decision-making and organisational culture, aligning closely with the housing sector’s social mission.

By establishing a clear ethical framework, organisations can:

• Make decisions consistently under pressure or complexity.

• Align operational choices with social and environmental values.

• Strengthen trust with regulators, tenants, and partners.

When ethics are formally integrated into risk appetite, investment planning, and assurance frameworks, organisations are better equipped to manage both opportunity and risk with integrity.

How House of Risk can support: We design and deliver tailored ethical governance frameworks, including ethics-aligned appetite statements, practical board tools, and decision-making aids — all grounded in your organisational purpose and operating environment.

5. Succession Planning and Board Diversity

Resilience depends on people — yet many boards still lack formal succession planning. The Code now expects organisations to assess leadership pipelines, board composition, and diversity.

In practice, this means:

• Reviewing succession as a risk — not just a process.

• Addressing gaps in future capability and lived experience.

• Ensuring development plans and evaluations are in place.

How House of Risk can support: We support organisations in understanding succession as a risk issue — helping assess gaps, exposures, and future capability needs, particularly where they link to strategic risk and organisational resilience.

6. Risk Oversight and Transparent Reporting

Risk and assurance are at the heart of both the Code and RSH expectations. Boards are expected to demonstrate clarity of risk appetite, oversight of key risks, and integrated assurance.

This includes:

• Ensuring risks are linked to strategic outcomes.

• Using risk appetite to frame decisions and trade-offs.

• Reporting assurance in ways that are triangulated, transparent, and useful.

How House of Risk can support: We help clients develop integrated risk frameworks, assurance maps, and refreshed strategic risk registers. We also run tailored workshops that bring risk appetite to life for board and exec teams.

Taking the First Step

Governance maturity isn’t about perfection — it’s about being ready. Ready to withstand disruption, to adapt quickly, and to govern with clarity and integrity. The housing associations that will thrive in future are those that invest now in building that readiness through structure, oversight, and purpose-led assurance.

From Compliance to Confidence: Building Organisational Resilience

The UK Corporate Governance Code is not mandatory for housing associations — yet. But those who adopt its principles now will find themselves far better prepared for what lies ahead.

At House of Risk, we translate governance theory into practical, resilient infrastructure. Our unique blend of housing sector insight, hands-on implementation, and risk-led thinking means we deliver more than just recommendations — we deliver frameworks that work.

If you want to:

• Build a cohesive internal control framework

• Refresh your strategic risk and assurance models

• Strengthen board leadership, ethics, and ESG alignment

…we’re here to help.

We believe that resilience isn’t built through compliance — it’s built through clarity, structure, and action. Let’s make governance your greatest asset. Feel free to get in touch for a chat!