Decision details

Members were updated on the Risk Management Strategy for the Council.

The Strategy sets out the five key steps within the risk management process (identification, analysis, treatment, updating the risk register and monitoring) as well as the respective roles and responsibilities across the Council in terms of risk management. It was noted that  the ‘5x5’ risk map matrix would continue to be used for assessing the threats and opportunities for each strategic risk in terms of both its likelihood and impact. A new section had been included to define the Council’s risk appetite as being ‘cautious’ (rather than ‘risk averse’) with decision making being based upon appropriately outlined business cases, robust financial assessments and sound project management.

RESOLVED that the updated Risk Management Strategy be approved.