Decision details

Received a report seeking the adoption of a Strategic Risk Management policy, a change to the terms of reference of the Corporate Monitoring Group Audit Committee and to existing working arrangements for managing both insurable and non insurable risk.

Agreed, in order to assist the process of embedding risk management techniques into all aspects of the working of the Council in a manner that enhances service delivery and protects the assets and resources of the Authority, to:

1. Endorse the Council’s draft Risk Management Policy as attached at Appendix A;

2. Recommend the Assembly to formally adopt the Policy at its meeting on 6 July 2005;

3. The addition to the terms of reference of the Corporate Monitoring Group Audit Committee as detailed in paragraph 2.2 of the report;

4. Note the establishment of a Corporate Risk Manager post within the Internal Audit section, to be funded from estimates previously committed to outsourced work undertaken in this area by Deloittes; and

5. The transfer of the Insurance Section from the Financial Services Division to the Internal Audit Division of the Finance Department.