The Manager: Insurance and Risk introduced the report of the Chief Executive that confirmed the process behind the revision of the Council’s Risk Management Policy. The report set out the factors that had influenced its development and described the main proposed changes from the current document, highlighting an initiative that will affect the policy in future.

The Manager: Insurance and Risk informed that the Director for Corporate Resources & Reform has initiated a review of the Council’s corporate governance arrangements. He advised that part of the review would address how consideration of risk informed decision-making and the arrangements for reporting risk information. He added that recommendations which resulted from that review could have significant implications for the Council’s risk management framework. This would need to be reflected in the next revision of the Policy which would be included in a future update to the Audit and Risk Management Committee.

Committee was asked to endorse the Policy and refer it to Cabinet for approval.

Resolved - That

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

(2)  that regular reports on progress towards implementation of the risk management action plan be brought to this Committee.