Issue - items at meetings - RISK AND OPPORTUNITY MANAGEMENT (ROM): UPDATE

Report of the Director of Finance (copy attached).

RESOLVED- That:

1)                 The Audit Committee notes that a new Strategic Register to replace the current Corporate Risk Register is to be prepared for the Audit Committee’s April 2011 meeting.

2)                 The Chair and Deputy Chair of the Audit Committee, between December and April 2011 will meet with the Risk Manager and Head of Audit & Business Risk to be provided with updates on:

·        Progress towards the new Strategic Register

·        Measures to enhance the integration of Risk Management as part of the new council structure

In order that the Committee have an awareness of developments and are assured that risk management and internal control is working effectively during the transitional period.

3)                 Note that the updated Risk Management Action Plans which detail work to address current Corporate Risks have been updated and will be reported under the name “Corporate Risk Management Action Plans Focus” in the confidential session of this meeting.

53.1           The Committee considered a report of the Director of Finance. The report detailed the reasons for the proposed change from a Corporate Risk Register to a Strategic Risk Register to be implemented from April 1^st 2011. The report also outlined how Corporate Risks would continue to be managed up to that point and proposals on how a new Performance and Risk Management Framework would enable the better integration of risk management into the council’s new operating model.

53.2           Councillor Kitcat asked if the move from a Corporate Risk Register to a Strategic Risk Register was simply highlighting the change of identity in the council operating model.

53.3           The Risk and Opportunity Manager replied that the Strategic Risk Register would reflect risk related to the council’s new structural set-up. It would be based on risk assessment against achievement of objectives, as for the Corporate Risk Register it would no longer be aligned to Directors as before and instead be shared across the Corporate Management Team.

53.4            RESOLVED- That:

1)                 The Audit Committee notes that a new Strategic Risk Register to replace the current Corporate Risk Register is to be prepared for the Audit Committee’s April 2011 meeting.

2)                 The Chair and Deputy Chair of the Audit Committee, between December and April 2011 will meet with the Risk Manager and Head of Audit & Business Risk to be provided with updates on:

·        Progress towards the new Strategic Register

·        Measures to enhance the integration of Risk Management as part of the new council structure

In order that the Committee have an awareness of developments and are assured that risk management and internal control is working effectively during the transitional period.

3)                 Note that the updated Risk Management Action Plans which detail work to address current Corporate Risks have been updated and will be reported under the name “Corporate Risk Management Action Plans Focus” in the confidential session of this meeting.