Decision details

To present the Council’s proposed Risk Management Strategy for consideration and comment by Cabinet.

With the aid of a report prepared by the Director of Finance and Corporate Resources (a copy of which is appended in the Minute Book) the Cabinet reviewed the Council’s Risk Management Strategy that detailed how the Council manages risks associated with the organisation. The appended document provided details on the proposed Risk Strategy and how it fits within the Council’s governance and risk reporting. 

By way of background, the Executive Councillor for Finance and Resources introduced the report explaining that an effective Risk Management Strategy will ensure the Council maximises its opportunities and manages those threats that may hinder the delivery of its priorities so that the opportunities for continuous improvement are maximised. Risk therefore needs to be considered at all stages of the management process, from the setting of corporate priorities through to the delivery of the service to the customer. Risk management therefore becomes an integral element of the Council’s corporate governance arrangements. This Risk Management Strategy aims to integrate risk management into the Council’s culture and processes and raise awareness amongst all employees and Members of the benefits and opportunities that successful management of risk can bring. 

Having had their attention drawn to the comments of Overview and Scrutiny, the Executive Councillor highlighted that the Panel whilst giving praise for an excellent report had expressed concern over the seniority of the ownership of risks. Cabinet noted that the Panel had assured that whilst some risks are more appropriately managed at a strategic level, there is also accountability across all risk by senior managers. 

The following matters were then raised and discussed and can be summarised as follows:

The Cabinet decided that the (i) aim of the Risk Strategy is to have a functional approach to risk; and (ii) Risk Strategy should be part of the Councils culture and that it needs to be a living document that is updated on a regular basis. Whereupon it was

RESOLVED

that Council be recommended to approve the Risk Management Strategy.

As outlined in the report.

As outlined in the report.

As outlined in the report.