Our strategic management risk
Our Strategic approach to risk management is to make informed decisions and realise opportunities which are vital to successful transformational change.
- To set the ‘tone from the top’ on the level of risk we are prepared to accept on a different service activities and priorities.
- Continue to understand our ‘risk appetite’ with senior leaders incorporating the different risk categories. We acknowledge that how we ‘think about risk’ will be different depending on the context of corporate impact and sensitivity.
- Acknowledge that even with good risk management and our best endeavours things can go wrong. Where this happens, we use the lessons learnt to try and prevent it from happening again. This includes issues as well as risks.
- Develop leadership capacity and skills to have a clear understanding of the risks and issues facing us in delivering our services and how we manage these. Risk management should be integral to how we run our business and services.
- Support a culture of well measured risk taking throughout our business, including strategic and operational. This includes financial risk taking and being comfortable taking more risk in this area, but in a balanced and proportionate way. It also includes setting risk ownership and accountabilities and responding to risk in a balanced way, thinking about the level of:
- risk
- reward
- impact
- cost of control measures
- Further strengthen how risks are controlled and measured – being more accountable and with measurable indicators.
- Ensure our approach to risk management is proportionate to the decision being made.
- Effective and flexible reporting and monitoring with board or executive intelligence on the key risks facing us.
- Good practice tools and training to support management of risks which is applied consistently throughout the council.
- Keep abreast of best practice throughout the industry. This includes the external review of our risk management practices.