Agenda item

Development of the Corporate Risk Register 2020-2021

Minutes:

Further to minute 30 (13.11.2019), the Committee was informed that the Risk Management Strategy sets out the approach adopted by the Council for identifying, evaluating, managing and recording risks to which it would be exposed.

 

The Principal Accountant (Housing & Exchequer) advised that a review of the Strategy was carried out annually and where necessary, it was updated to reflect any changes in the Council’s approach to managing strategic risk. The Risk Management Strategy had been reviewed and no updates or amendments were required.

 

A draft copy of the Corporate Risk Register for 2020-2021 had been presented to Members, Management Team and Senior Officers for review. The following new risks had been identified for possible inclusion:-

 

·         Investment Risk - given the value of the investments and the authority’s reliance upon the rental and investment income;

·         Shared Service Risk- risk related to being involved in shared services;

·         Civil Risk - i.e. flooding, major disaster; and

·         Non-delivery of key developments - impact on the Council of not driving development in the Borough.

 

The Risk Identification and Analysis Assessment document was presented at Appendix III of the report for Members’ information. It detailed all risks that had been considered when producing the draft 2020-2021 Corporate Risk Register together with the outcome of the assessment.

 

The risks that had generated a “High Risk” score and were above the Council’s strategic risk tolerance level had been included in the 2020-2021 Corporate Risk Register. The Principal Accountant (Housing & Exchequer) advised that those risks were:-

 

1.    On-going financial viability of the Council;

2.    Changes in national priorities and legislation;

3.    Organisational Capacity/resilience;

4.    Universal Credit;

5.    Cyberattack resulting in data breach or corruption of data;

6.    Investment Risk.

 

A draft copy of the 2020-2021 Corporate Risk Register was attached at Appendix IV of the report for Member’s consideration.

 

The Committee was informed that progress made against the actions in relation to each risk recorded in the Register will be monitored quarterly and presented to the Committee via a half yearly report.

 

The Committee requested that the Lower Thames Crossing be considered for inclusion in the 2020-2021 Corporate Risk Register as it will be resource hungry on the Council and will have both a positive and negative impact on the Borough.

 

The Assistant Director (Corporate Services) advised that she will arrange for the Lower Thames Crossing to be assessed as a risk. If it generates a “High Risk” score then it will be included within the Register. If not, reference will be made to it via the ‘Changes in national priorities and legislation’ risk.

 

Resolved that the draft version of the Corporate Risk Register that has been developed for 2020-21, be presented to Cabinet for formal approval subject to the Lower Thames Crossing being considered for inclusion.

 

Supporting documents: