The Head of Financial Services introduced the report of the Risk and Insurance Officer that set out the process behind the development of a revised Corporate Risk Management Policy and the factors that had influenced its development. The report described the main proposed changes from the current Policy document, confirming a series of actions needed for its implementation.

Members were informed that following the fundamental revision of the Council’s Risk Management Policy adopted by Cabinet 12 months ago, a refreshed draft of the Policy had been produced for the Corporate Governance Group at its recent meeting held on the 12 February. The Head of Financial Services further advised that the draft document as appended to the report reflected changes in organisational practice and structure and also took account of the output of a 2014 CIPFA national risk assessment benchmarking exercise and the findings from the Internal Audit review of Risk Management

The Committee noted the areas identified for improvement which included working with Human Resources / Organisational development to ensure that the cultural change programme supports the Council’s value of being ‘risk aware’ as opposed to ‘risk averse’ and the plan for additional training and development action – to include the roll out of E-Learning modules for managers and staff.

Members further noted a full list of actions, including target dates contained in the Policy document at Section 19. 

Resolved - That

1)  the draft Risk Management Policy be approved and referred to Cabinet for formal adoption on behalf of the Council; and

2)  regular reports on progress towards implementation of the risk management action plan be brought to the Audit and Risk Management Committee.