Issue - meetings

RESOLVED:

That the Cabinet approves the updated Risk Management Policy attached in Appendix A for implementation.

Reasons for decision

Cabinet received a report to approve an updated Risk Management Policy.

The Cabinet Member for Finance & Transformation highlighted the Council's statutory responsibility to maintain a comprehensive framework of internal controls, which included managing risks to the Council and its services. It was explained that the policy outlined the procedures to identify, evaluate, and mitigate potential risks and threats. It also required an assessment of the likelihood of each risk and the identification of management actions to mitigate them.

It was noted that a significant change in the policy was the attribution of responsibilities to officers managing specific services or activities, both for identifying and addressing risks if they materialise. Furthermore, the Cabinet Member advised that the reporting and monitoring of risks were now managed through a new software application and that the proposed Policy also reflected a series of updates and improvements that became operational in 2024.

Cabinet agreed the updated policy.

Alternative options considered or rejected

To not implement the policy, but Cabinet considered this would not follow best practice or legislative requirements.