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Frequently-asked questions about risk management.
What is risk?
Risk is defined as 'a condition, an act, situation or event with the ability or potential to impact on the council by either enhancing or inhibiting performance, attainment of objectives or meeting stakeholders’ expectations' (Office of Government Commerce and the British Standards Institute).
What is risk management?
It is a process of identifying and understanding the risks that organisations face. It requires an assessment of the effect that these risks might have if they were to happen and a consideration of what affordable actions and controls can be put in place (mitigation) to reduce those risks to an acceptable level.
Who decides what is an acceptable level of risk?
Senior management will make this judgment based on their professional expertise and knowledge of their business. It will also be influenced by what the business can afford both in taking action to reduce the risks (mitigation) and the ability to bear the impact of a risk if it was to happen.
Can risk be reduced to zero (no risk)?
No, risk management is about business viability focussing on sound decisions making and taking advantage of opportunities, exposure to risk is therefore inevitable.
How is risk management operated within the council?
Risk management is a key part of the council’s corporate governance arrangements providing assurance to meet the requirements of the Accounts and Audit Regulations 2015; supporting the council’s Annual Governance Statement and ensuring the council understands and manages the risks it faces at a strategic, service, partnership, and project level.
The council has a strategy for managing risk which can be seen below:
Can I obtain any further information on risk management?
You can obtain further information by contacting either of the following:
Darren Stevens - Director of Corporate Resources
Mike Salter - Principal Risk Management Officer