The Alliance Risk Management Strategy was reviewed bi-annually in order to reflect changing circumstances. This review had been informed by a number of considerations, including:-
· A voluntary external review of our risk management arrangements by strategic risk engineers from our Insurance partners, Zurich;
· Findings of internal audit and other reviews;
· Financial challenges facing the Council over the course of its Medium Term Financial Plan and how this might affect our tolerance to financial risk;
· Consultation with senior managers via the corporate Risk Management Group;
· Horizon-scanning for emerging risks within the public sector and more widely, as identified by the risk and insurance sectors.
There were a few recommendations which emerged from the external review carried out by Zurich. The review was extremely positive and concluded that the ‘strategic risk register supports the Strategy and Guidance very well and gives assurance that the Alliance take risk management seriously and the process is well managed. Documentation demonstrates that the organisation is very mature in its risk management and all officers connected to the process should be applauded for the obvious work that takes place.’
Given the emergence of ‘opportunity’ risks, members indicated that their ward knowledge could be useful in assessing such matters.
The Alliance Joint Risk Management Strategy was appended to the report.
RESOLVED – That the revised Risk Management Strategy be APPROVED.