Issue - meetings

Corporate Risk Management Update

Meeting: 27/01/2020 - Audit and Risk Management Committee (Item 43)

43 Corporate Risk Management Update pdf icon PDF 111 KB

Additional documents:

Minutes:

Helen Turner, Risk Continuity and Compliance Manager, introduced the report of the Director of Finance and Investment (S151) that provided the Audit and Risk Management Committee with an update on current risk management arrangements and the work currently underway to further embed the arrangements for managing risk across the Council. The latest version of the Corporate Risk Register was attached as an appendix to the report.

 

The report informed how ‘Risk Owners’ were asked to consider 6 key steps when reviewing their risks to ensure the risk register remains relevant and up to date, namely:

 

Review the Risk Description – was the risk worded accurately to reflect the current concerns? The description should articulate the possible cause and consequence of a potential threat or opportunity which could affect the achievement of the Council’s objectives and priorities within the Council Plan.

Update Existing Mitigation / Controls – were they still in place and having an effect on the risk? Any additional measures that have been implemented? Perhaps planned actions been completed and need to be transferred over?

Review the “Current” score – was it appropriate in light of the controls in place? Could the score drop because actions had been completed or perhaps it needed to increase due to external pressures or changes in circumstances?

Set a Target Score – was enough being done? Was the Current score acceptable or is it too high? What actions are to be taken to reduce the score and what score was being aimed for?  If the current level was acceptable then the Target and Current could be the same.

Add any new actions – review of the planned additional mitigation and addition of any new actions or, if circumstances had changed, amend those already recorded.

Provide a Risk Update / Commentary – if scores were changed, or the target date and progress on actions had slipped use the additional field to add some context and commentary to explain what was happening. This was particularly important where actions had a timescale of “ongoing 19-20”.

 

Members queried the lack of target figures for risk scores and asked for an explanation to be provided.

 

Resolved - That the report be noted.