Risk management means identifying and analysing potential risks and determining ways of minimising the likelihood a risk will happen and the impact it could have on the Council
The Council has a seven step process to managing risk:
- Identifying Risk
- Analysing Risk
- Profiling Risk
- Prioritising Action
- Determining Action
- Controlling Risk
- Monitoring and Reporting Progress
The Council is improving how we can manage our risks to help maintain effective and efficient services for our customers. Everyone has a part to play in managing risks and our approach is set out in the Risk Management Strategy.
The Corporate Risk Register provides a detailed outline of the Corporate Risks facing the Council at a given point in time. It provides a description of the risk, highlights the status of each corporate risk as well as what actions are currently in place, or are being progressed to further reduce the likelihood and impact of the risk occurring.
Our corporate risks are high profile and take into account the medium to long term priorities of the Council identified through our Corporate Plan. There are currently 16 corporate risks within our Risk Register which have a cross-cutting impact Council-wide, whereas our more service-specific risks are identified and monitored via our Service Plans.
A Corporate Risk Management Group has been established to support the identification, assessment and monitoring of risks facing the Council. Although, the group focuses on the Corporate Risk Register, it also supports managers in their approach to managing their service risks. The Corporate Risk Management Group meets on a quarterly basis to review and monitor the Risk Register and provides regular reports to both the Corporate Management Team, Audit Committee and Cabinet on the status of risks and makes recommendations on how we can strengthen our approach to managing our risks.