71 Risk Management Strategy PDF 233 KB
Additional documents:
Minutes:
A proposed new risk strategy management strategy was considered. The Strategy’s objectives were to:
· provide the basis for a comprehensive, simplified and standardised framework which will integrate risk management into the culture of the organisation;
· raise awareness of the need for risk management by all those connected with the delivery of the Council’s corporate priorities, including partners;
· engender associated corporate governance principles, such as risk and transformation activity being driven by programme / project management principles, including the use of business cases for investment decisions to manage risk effectively;
· support the Council in anticipating and responding to changes in social, environmental and legislative conditions;
· help to minimise injury, damage, loss and inconvenience to residents, staff, service users and assets arising from or connected with the delivery of services;
· continually improve procedures for the identification, analysis, assessment and management of risk, and the reporting and recording of events, based on best practice;
· support the Council in minimising the cost of risk.
The strategy included a revised ‘likelihood x impact’ risk scoring process, including criteria to help gauge the scale of likelihood (‘very unlikely’ to ‘likely’) and impact (‘low’ to ‘very high’). Guidance to help define a scale of risk appetite (from ‘adverse’ to ‘eager’) was also provided.
It was suggested that a ‘lessons learned’ section should be added to the strategy to inform future objective setting and help develop best practice. In response, it was explained that the strategy was a work in progress and could be developed to incorporate such revisions. The extent to which the Strategy should facilitate greater Member involvement in the risk management process was also discussed.
R E S O L V E D - that the new Risk Management Strategy, as attached at Appendix A to the report, be adopted.