Risk Management Strategy
The aim of the policy is to facilitate effective risk management throughout the Council so that risks are identified, evaluated, mitigated, and monitored to enable the Council to achieve its One Coventry priorities, deliver services as planned and fulfil its statutory duties.
This will be done by:
- Keeping risks under regular, methodical, and recorded review
- Ensuring that the One Coventry priorities, delivering services as planned and fulfilling statutory duties are the focus of risk management
- Considering not just the present but also the medium and long term
- Managing risks at an appropriate level
- Monitoring key corporate risks at the highest levels including Strategic Leadership Team and by Members at the Audit and Procurement Committee
- Managing risk within the usual business processes of the Council
- Assessing risks against a common understanding of the Council’s risk appetite set by the Strategic Leadership Team
- Maintaining Directorate risk registers which are reviewed at appropriate intervals by Directorate leadership teams
- Understanding when risks should be escalated from Directorate risk registers to the Corporate Risk Register
- Maintaining service risk registers which are reviewed at appropriate intervals by the Head of Service
- Understanding when risks should be escalated from service risk registers to the Directorate risk register.
- Establishing mitigation measures to manage down risks to appropriate levels
- Establishing clear accountabilities and roles
- Ensuring that the risk assessment is considered and aligned with the budget setting process and the Medium Term Financial Strategy
- Working closely with partner organisations and other bodies such as the National Audit Office and external auditors
- Managing risk via a process that is compatible with any guidance provided by regulatory bodies.
- Ensuring that the Council has access to accurate, meaningful, and timely data
- Considering external factors affecting overall risk management strategy such as changes in Government legislation or the current state of the economy