Issue - items at meetings - Risk Management Update & Strategic Risk Register

Report of the Director of Finance (copy attached)

RESOLVED- That the Audit Committee:

1)     Notes the Strategic Risk Register 2011/12 at Appendix 1 and its improved format and clarity of text.

2)     Notes that the Risk Management Action Plans (Risk MAP’s) which detail work to address Strategic Risks will be reported to the next Audit Committee meeting in June 2011.

75.1         The Committee considered a report of the Director of Finance that provided a Strategic Risk Register and an update on the risk management input to the Council’s new Performance & Risk Management Framework. The Strategic Risk Register had replaced the Corporate Risk Register and was designed to provide a more understandable format.

75.2         The Director of Finance reflected that due to the new structure and changes to personnel as well as changes at national level, it was appropriate to refresh the former Corporate Risk Register with the Strategic Risk Register which provided an improved analysis. Under the new format, performance and risk management would be much more aligned.

75.3         Councillor Kitcat asked why there appeared to be fewer risks in the Strategic Risk Register than there had been in the Corporate Risk Register.

75.4         The Director of Finance responded that the new Strategic Risk Register captured the more pressing issues which would be reported to the Committee members. The remaining risks were still analysed and accounted for and would be escalated and deescalated according to perceived risk level at that time.

75.5         Councillor Simpson enquired how Members would be aware of the next level of risk.

75.6         The Director of Finance replied that this was contained within the Performance Compact.

75.7         The Chairman asked whether the Brighton & Seaside Community Homes (LDV) would appear on the Strategic Risk Register.

75.8         The Director of Finance answered that individual projects such as the LDV would have their own risk logs and management and would continue to be reported to the Committee.

75.9         The Director of Finance supplemented that the Risk Management Action Plans and a better picture of how risk is distributed down the organisation would be reported to the next Audit Committee scheduled for June 2011. In the meantime, attention would be paid to how to publicise the Performance Compact.

75.10    Councillor Watkins communicated to Committee his absolute conviction that any risk that necessitated the attention of Members would be provide to Members by Officers as had been evidenced with all previous reporting.

75.11    RESOLVED- That the Audit Committee:

1)                 Notes the Strategic Risk Register 2011/12 at Appendix 1 and its improved format and clarity of text.

2)                 Notes that the Risk Management Action Plans (Risk MAP’s) which detail work to address Strategic Risks will be reported to the next Audit Committee meeting in June 2011.