Issue - meetings

That the updates to the Strategic Risk Register as at the end of Quarter 3 2015, and any amendments to existing risks or areas for further consideration by Officers be approved.

Decision

That the updates to the Strategic Risk Register as at the end of Quarter 3 2015, and any amendments to existing risks or areas for further consideration by Officers be approved.

Reason for Decision

To provide Cabinet with the quarterly update on the Strategic Risk Register.

Implications

Financial

The effective management of strategic risks and opportunities reduces the time and associated costs of dealing with unforeseen events and increases the likelihood that the Council will be able to take advantage of opportunities to deliver its objectives as set out in the Corporate Plan and supporting strategies (e.g. medium-term financial strategy, asset management strategy).

Value for Money

The effective management of strategic risks and opportunities is a key tool in ensuring that services are provided as effectively, efficiently and economically as possible. By anticipating and mitigating risk, costly short term urgent actions are avoided as far as possible in delivering services. Seeking out and taking advantage of opportunities that present themselves accelerates the pace of delivery of Corporate Plan objectives.

Risk Implications

Risk Assessments are included for each item on the proposed revised Strategic Risk & Opportunity Register.

Corporate Objectives

Corporate Governance

Advice

The Portfolio Holder for Finance & Resources explained that there had been no major changes from the previous report. The council was aware of the impacts of the 1% reduction in rents from the Chancellor and had the necessary controls in place.

The Insurance and Risk Lead Officer added that the new concise design of the report worked well.

The Portfolio Holder for Environmental, Sustainability & Regulatory Services agreed that the report now contained more detail and was much easier to understand.

The Leader of the Council noted that it was a very short report and asked if there was a reason why there were no risks within his area.

The Insurance and Risk Lead Officer explained that the report used to contain 54 risks which were unmanageable. However, now the report contained the significant strategic risks, which could be increased if councillors wished to do so.

It was confirmed that the Overview & Scrutiny Committees looked at the operational risks relevant to their remit and the Audit committee monitored the strategic risks.

The Chief Executive added that the Auditors, Mazars, had recommended that the Strategic risk register be more targeted. Therefore CMT agreed the specific strategic risks to be included in the report, which the Audit committee monitored.

Consultation

Consultation took place with:

·       Cabinet

·       Leader of the Opposition

·       Chief Officer Group

·       Linda Dargue, Insurance & Risk Manager

·        Mazars (the Council’s Internal Auditors)

Voting

None.