Issue - meetings

To consider the annual report of the Corporate Risk Management Group.

The Committee considered the annual report of the Corporate Risk Management Group.

The report covered the financial year from 1 April 2011 to 31 March 2012 and recorded the work of the Corporate Risk Management Group in reviewing the development, maintenance and implementation of the Council’s risk management framework, including monitoring and reporting arrangements.

The Risk Management Group had reviewed the Council’s Risk Management Policy and an updated version was attached at Appendix A to the report. The report included an overview of the key corporate risks, corresponding risk ratings and direction of travel of risks. A key corporate risk heat map was attached at Appendix B to the report.

The Officers reported that the Cabinet would be reviewing the key corporate risks at a risk workshop on 16^th July.

The Audit & Governance Committee had requested a short briefing at each meeting from the risk owners/managers of the highest key corporate risks. The Committee received a briefing on Key Corporate Risk 2 – Financial Control from the Director of Finance and Business Services. A copy of the risk stewardship template was circulated at the meeting. With regard to the Council’s financial position, the Director commented that reserves were currently at an acceptable level and that, whilst future funding was uncertain, over the longer term reserves were on an upward trend and these would be used strategically to achieve financial sustainability. The Finance Manager referred to the Financial Reporting Centre, a new online financial management tool which was currently being piloted with managers.

It was proposed that there be a contingency plan to deal with the implications of the Lyme Green review. Whilst it was difficult to identify specific risks and eventualities at this stage, it was felt that the Risk Management Group could be asked to consider the matter.

Members also commented that the roles and responsibilities of individuals and groups referred to in the risk management policy should include clear reporting lines.

RESOLVED

That

(1)   the report of the Risk Management Group be noted; the attendance record of members of the Group be circulated to Members of the Committee for information and included in future annual reports;

(2)   the minor changes made to the risk management policy by the Risk Management Group, and the additional changes suggested at the Committee’s meeting, including reporting lines for individuals and groups involved with risk management, be approved;

(3)   the Risk Management Group be asked to consider the need for a contingency plan to address the implications of the Lyme Green Review;

(4)   the briefing by the Director of Finance and Business Services on Key Corporate Risk 2 – Financial Control be noted;

(5)   the Key Corporate Risk to be reviewed at the next meeting be Risk 15 – Reputation and the risk holder be requested to attend the meeting; and

(6)   a report on operational risks be submitted to the next meeting.