Meeting documents

1.1 For the Executive to confirm it has reviewed the Corporate Risk Register and to approve a revised Risk and Opportunity Management Strategy which includes a number of new risk management processes to further strengthen the Council's current arrangements.

1.2 Key issues arising from the Corporate Risk Register are reflected in the report on the Statement on Internal Control elsewhere on the agenda of this meeting of the Executive.

2.2 Approve the proposed methodology for maintenance of the Corporate Risk Register and reporting to Directors Group and the Executive (See 4.8).

2.3 Approve the risk management processes to be included in the Councils Performance Management System (See 4.7).

2.4 Confirm that the Executive has reviewed the risks contained in the Corporate Risk Register at its informal meeting on 24^th May 2006.

3.1 There are no direct financial implications relevant to this report although some of the mitigating actions will require the Executive to make appropriate earmarked reserves and / or provisions

4.1 Effective and efficient risk management arrangements are important to enable the Council to achieve its service and key corporate priorities. The Council has developed good risk management procedures in recent years at corporate and service level.

4.2 The Council is clear that management and the Executive are responsible for identifying and managing risk. In addition, the recently formed Corporate Audit Committee has commenced its role of reviewing the robustness of those arrangements and obtaining assurance that they are working effectively.

4.3 Last years review of the system of internal control resulted in risk management being recorded in the Council's 2004/5 `Statement on Internal Control'. The issue centred on the need to embed risk management within the organisation and the following actions were recorded:

4.4 The Comprehensive Performance Assessment in 2005 also recommended areas for improvement.

4.5 All of the issues, recorded in 4.3 above, were considered within the first annual Risk Management Plan which went to Directors Group and the Corporate Audit Committee in October 2005. This detailed the key areas for coverage and three of those areas have been reviewed and revised as follows.

4.6 This has now been revised to take into account the key issues raised by the Comprehensive Performance Assessment process and the 2004/5 Statement on Internal Control and is attached as an Appendix. A summary of the key changes are as follows -

4.7 Detailed work has taken place between the Corporate Performance Unit and the Risk Manager to develop the Corporate Performance Management system (QPR) to enable risk management processes to be managed and monitored. The system will require Heads of Service and Directors to confirm they have carried out their responsibilities as recorded in the Strategy document. The system will:

4.8 The Council's Corporate Risk Register was subject to a detailed review by Directors in September 2004 and this was updated in the summer of 2005 in respect of the implementation of actions and any new or emerging risks. The CPA criteria expect more regular review by both Officers and Members and the following is therefore proposed -

4.9 Since summer 2005 the Corporate Risk Register has been updated during the Budget preparation cycle in consultation with the Interim Head of Finance and Resource Planning and subsequently through a report to Directors Group on 27^th March 2006 and Project Programme Board on 29^th March 2006. The Corporate Risk Register was reviewed by the Informal Executive on 19^th April and 24^th May. The key issues are reflected in the report to the Executive on the Statement on Internal Control elsewhere on the agenda of this meeting of the Executive.

6.1 The proposals will promote the adoption of best practice and assist in the Council identifying and managing its business risks.

7.1 None

8.1 Directors Group and Project Programme Board have reviewed the Corporate Risk Register and have been fully consulted on the issues and recommendations contained in this report.

8.2 The Corporate Audit Committee on 27^th April considered the revised Risk Management Strategy including the initiatives proposed for the development and maintenance of the Corporate Risk Register.

8.3 The Informal Executive considered earlier drafts of this report and the Corporate Risk Register on two occasions on 19^th April and on 24^th May 2006.