Agenda item

(Director of Resources) To consider the attached report (FPM-011-2017/18).

The Director of Resources presented a report regarding the Councils Corporate Risk Register.

The Corporate Risk Register and revised Risk Management Strategy had been considered by the Risk Management Group on 23 August 2017 and by Management Board on 30 August 2017. The reviews identified amendments to the Corporate Risk Register and Risk Management Strategy.

The following risks were updated as follows;

(a)        Risk 2 - Strategic Sites

The Effectiveness of controls/actions had been amended to advise the updated position for the key sites. Negotiations were taking place with potential tenants for retail space at the Winston Churchill site. Negotiations continue with Epping Town Council for the St John’s Road site. The Langston Road site was now operational, although there were one or two units still to let. Waltham Abbey Leisure Centre was now managed by Places for People, planning permission had been granted for Hill House. July Cabinet agreed to dispose of the Pyrles Lane site; Nursery Services would be relocated to Town Mead.

(b)        Risk 4 - Finance Income

The Key date had been updated to advise that the draft budget would be considered at Finance and Performance Management Committee on 18 January 2018.

(c)        Risk 5 - Economic Development

The Existing Controls/Actions now advised that the Employment Study for the Local Plan had been completed and considered at Member workshops. The Key date had been amended to December 2017.

(d)        Risk 6 - Data/Information

The Required further management action had been updated to advise that a working group was meeting monthly looking into the necessary changes for implementing General Data Protection Regulation (GDPR). The deadline date for GDPR, 25 May 2018, had been added as the Key date.

The Director of Resources advised that this Committee had undertaken the annual review of the Risk Management Terms of Reference, Strategy and Policy Statement in March 2017, with subsequent Cabinet approval on 15 June 2017. Since this approval the Chief Internal Auditor had produced a revision to the Risk Management Strategy, which had been developed to better explain the process, responsibilities and reporting of Risk Management.

The Cabinet Sub-Committee were in a agreement that the updated Risk Management Strategy document and description had been greatly improved and there should be a recommendation to the Overview & Scrutiny Committee and subsequent Select Committees to consider the Corporate Risk Register at the start of each year, so that they could review the risks and determine whether they had all been captured and scored appropriately.

Resolved:

(1)          That Effectiveness of controls/actions and Required further management action for Risk 2 be updated;

(2)          That the new Key date for Risk 4 be agreed;

(3)          That the Existing controls/actions to address risk for Risk 5 be updated;

(4)          That the Required further management action and Key date for Risk 6 be updated;

Recommended:

(5)          That the amended Corporate Risk Register be recommended to Cabinet for approval;

(6)          That the Revised Risk Management Strategy to Cabinet be adopted; and

(7)          That the Corporate Risk Register be considered at Overview & Scrutiny Committee and subsequent Select Committees at the start of each year to scrutinize whether all the risks identified had been captured and scored appropriately..

Reason for Decision:

It was essential that the Corporate Risk Register was regularly reviewed and kept up to date.

Other Options Considered and Rejected:

Members could suggest new risks for inclusion or changes to the scoring of existing risks.