Further to the review of the Risk Management Strategy by the Cabinet (minute 149 (13 October 2011) refers), the Deputy Chief Executive/Director of Finance reported that, whilst there were minor changes to the Strategy, a more tailored and embedded approach to the management of risk, strategically and operationally, was needed if the Council was to meet the challenges and take advantage of opportunities both internally and in the wider environment.

The Cabinet had agreed to the retention of the current Risk management Strategy, whilst work on a more detailed review was undertaken in response to the changing environment. The Director commented that ensuring that an effective risk management system was in place was a key element of Member responsibilities for corporate governance and embedding a more robust approach to risk would assist the Authority to innovate and exploit opportunities and reduce exposure to threats. Input of Members into the initiative was vital to ensure that the degree of cultural change needed was delivered.

Resolved – That the report be noted.