Decision - Risk & Opportunity Management Strategy & Programme 2008-2011

1) Cabinet approve the ROM Strategy (Appendix 1) & ROM Programme (Appendix 1.A)

2) Cabinet delegate authority to the Risk & Opportunity Manager and officer ROM Champion to alter the ROM Toolkit as necessary

The ROM Strategy contains a package of ROM elements, the strategy itself (Appendix 1) and a yearly delivery plan of actions (Appendix 1.A) to enable & demonstrate to decision makers how effectively ROM is embedded in council activities and across its partnership working.

As the ROM Toolkit will be continually updated as a result of developments, needs and user feedback, delegated authority is sought for the Risk & Opportunity Manager to alter it as necessary and refer to the Risk Officer Champion.

The council could decide to remain with a renewed version of the existing Risk Management Strategy (which focuses on negative risks) instead of approving a Risk & Opportunity Management Strategy. This would not address the Audit Commission’s recommendation (ref. R5) in the Use of Resources Audit Judgments 2007 that

“The council should review its risk management arrangements to overtly consider how it deals with positive risks as well as negative ones”.

The council could decide not to have any approved Risk & Opportunity Management Strategy or Risk Management Strategy but this would not satisfy the Audit Commission in the Use of Resources assessment.