Appendix A - Glossary
Corporate Risk
The Council identifies its corporate priorities within the One Coventry Plan. Corporate risks are those which can result in the Council not achieving its stated priorities, as well as those that prevent it from providing services as planned and fulfilling its statutory duties.
Corporate Governance
Corporate Governance are the arrangements that the Council has in place to make sure that its aims are defined and achieved. The Council must make sure that its resources are directed in accordance with agreed policy and according to One Coventry priorities, that there is sound and inclusive decision making and that there is clear accountability for the use of those resources to achieve the desired outcomes for service users and communities.
Corporate Risk Register
A document that contains information about the most significant risks that the Council faces. It will describe them, list the impacts of the risk if it materialises, the inherent and residual risk scores, the risk mitigation measures and who is responsible for the management of the risk. It is kept under review by the Strategic Leadership Team.
Inherent Risk
The level of risk that is in place before actions are taken to either reduce the impact of the risk or the likelihood of it materialising or both.
One Coventry Priorities
These are the priorities which are identified in the One Coventry Plan.
Residual Risk
The level of risk that is in place after risk mitigation actions have been taken to either reduce the impact of the risk or the likelihood of it materialising or both.
Risk
Any potential development or occurrence which, if it comes about, would jeopardise the Council’s ability to:
- Achieve its One Coventry priorities
- Provide services as planned
- Fulfil its statutory duties
Risk Appetite
The Council’s risk appetite is the amount of risk that the organisation is prepared to accept, tolerate, or be exposed to.
Risk Management
Risk Management is the process by which the Council continuously and methodically addresses the risks which could hinder the achievement of its One Coventry priorities, provide services as planned and fulfil its statutory duties.
Risk Mitigation
The planned actions that the Council will take to either reduce the likelihood of the risk occurring or its impact if it does.
Risk Register
A risk register is a document that contains information about the risks. It will describe them, list the impacts of the risk if it materialises, the inherent and residual risk scores, the risk mitigation measures and who is responsible for the management of the risk.
Strategic Leadership Team
Led by the Chief Executive it is the most senior Officer group within the Council and is held to account for its strategic and management responsibilities by the Cabinet.
Statutory Duties
Local Authorities are bound by statute or law. The functions that they must undertake, or statutory duties are set out in Acts of Parliament