Risk Management1. Corporate Risk Management Policy Statement
1.1 Merthyr Tydfil County Borough Council recognises that Risk Management is a key feature of corporate governance and, as such, is committed to ensuring that Risk Management processes are embedded throughout the Organisation. The Council also recognises that for Risk Management to be successful, it has to be fully supported by Councillors, be fully implemented and driven by Executive Board and also have adequate funding.
1.2 The Council has responsibility to manage risks and supports a structured approach to managing them by approval of a Risk Management Strategy. In this way, the Council will better achieve its corporate objectives, enhance the value of services it provides to the Community and enable it to respond more appropriately to emerging opportunities.
1.3 The Chief Finance Officer is designated in the Financial Procedure Rules as being responsible for ensuring that arrangements are in place for delivering an effective risk management strategy and processes will be reviewed for efficiency and effectiveness as part of the annual review cycle.
1.4 It is the responsibility of Directors and Heads of Service to ensure that risk management strategies and processes are implemented and brought to the attention of relevant staff in their Service Areas. Every employee has a responsibility to support the Council’s policy in managing risk.
1.5 The Council is also aware that some risks will always exist and will never be eliminated.
The objectives of the Council’s Risk Management Strategy are to:
Integrate Risk Management into the culture of the Council.
Manage risk and opportunity in accordance with best practice.
Anticipate and respond to changing Social, Environmental and Legislative Requirements.
Prevent injury, damage and losses and reduce the total cost of risk.
Raise awareness of the need for Risk Management by all those connected with the Council’s delivery of services.
The aims and objectives of the Risk Management Service are:
Aim
To develop, promote and integrate risk management throughout the Authority to ensure that risks and opportunities are identified, evaluated, monitored and managed to enable the Council to best achieve its objectives.
Objectives
- To develop a Corporate Risk Register & Service Risk Registers which are actively used by the Council and each service in order to prioritise the risks to be managed and the actions required to manage those risks.
- To update the current Risk Management Strategy to reflect new WPI Guidance, other best practice and statutory requirements and ensure implementation.
- To develop a clear understanding and knowledge of risk management ensuring that councillors and employees recognise and incorporate risk management as part of their role.
- Identification of high priority risk areas for potential allocation of additional resources to reduce risk through relevant initiatives.
- To play a key role in the production of the Statement on Internal Control.
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