Decision details

The Cabinet considered a report of the Head of Corporate Governance that proposed a refreshed Risk Management Strategy and Framework. They noted that, under the Financial Procedure Rules, Cabinet was responsible for approving any revision in the corporate risk management arrangements of the Council.

The Cabinet was informed that the Council produced a Corporate Risk Management Strategy and Framework, which was subject to regular review.

It was proposed that the existing Risk Management Policy be replaced with two separate documents i.e. Risk Management Strategy and a Risk Management Framework. The proposed Risk Management Strategy was a high-level document that set out the Council’s strategic approach to risk management (Appendix 1). The proposed Risk Management Framework provided the detailed approach to risk management, including the risk matrix and risk appetite tables for measuring the level of risk and ensuring that risks were managed within the Council’s risk appetite (Appendix 2).

The refreshed Risk Management Strategy and Framework was presented for review. Members noted that the matrix was now simpler, with fewer options and clear parameters.

Options/Alternatives considered:

·         Option 1 – Consider and approve the revised Risk Management Strategy and Framework;

·         Option 2 – Consider but not approve the revised Risk Management Strategy and Framework.

RESOLVED – That the refreshed Risk Management Strategy and Framework be approved.