To provide an update on the council’s approach to risk management arrangements and present the revised Draft Risk Management Strategy. 

The Director of Finance (DOF) introduced the report the purpose of which was to provide an update on the ongoing work in respect of the activity that has been undertaken to review and develop the Council's approach to risk management. The principal points included:

·       External risk management consultants had evaluated the risk management arrangement.

·       Following that exercise, their feedback and best practise had been incorporated into the updated draft risk management strategy attached at Appendix 1.

·       More work was still to be done and it was noted that the strategy attached at Appendix 1 had some gaps in the risk appetite matrix relating to corporate risks.  The Corporate Leadership Team (CLT) would be working through the plan in the coming months to populate those risks, identify the ones that are most relevant to the Council and the sectors that are operated in, and to define risk appetite.

In response to committee questions, it was noted: (also see actions below)

1.     The Head of Corporate Performance & Intelligence (HCPI) explained that once the strategy had been approved by all parties, frequent communication would be emailed across to all staff, workshops would take place to explain what risk management is and what the new strategy is and how they can ensure that we consider this in their day-to-day work.

2.     The HCPI confirmed that all cabinet, cabinet member and committee reports came through to her prior to being released for the relevant meetings and she would be reviewing these in terms of ensuring there is consideration of risk.

3.     The HCPI advised she is already working closely with South West Audit Partnership (SWAP) and had recent conversation with regards to renewing the corporate risk registers. A benchmarking exercise to see how we compare with other local authorities had already been started. The new strategy was in its early stages of being created, the next steps would be to refresh all the risk registers, embed those and to ensure that the strategy is being implemented. She would then like it to be fully audited by swap to ensure we are following and implementing what we say we are going to do.

4.     The HCPI was looking to develop an E-Learning module that was mandatory to ensure all staff undertook the training but also to provide interactive workshops where case studies could be explored, and discussions can be had on how we deal with risk management and people could get immediate feedback on their thoughts and processes.

5.     Consideration would be given to the presentation of the risk appetite levels.

RESOLVED:

That the committee noted the activity completed to update the Draft Risk Management Strategy.

Action(s)

2023/24-041 The HCPI to update the wording with regards to roles and responsibilities to give clarity that the Audit and Governance Committee is responsible for approving the process rather than the complete Register, and to consider the best timing for the quarterly reviews as between the SLT, Cabinet and this committee

2023/24-042 The HCPI to investigate and provide a written response with regards to where the delegation for cabinet is within the constitution for the accountability of risk management.