Issue - meetings

This report seeks approval of a Risk Appetite Statement for the Council as part of the Council’s Risk Management Strategy.

Recommendation

That the Risk Appetite Statement be approved.

74.1     Cllr John Gray, Chairman of the Audit Committee, advised the Executive that the Audit Committee members would be reviewing the Risk Appetite Statement at an informal briefing later in the week. He asked whether the matrix at Annexe 1 showed the risk appetite after mitigation, and the Leader confirmed that that was correct. Cllr Gray also queried whether the financial risk appetite of a loss of £50k-100k might inhibit the work of the Investment Advisory Board. The Leader advised that the Risk Appetite Statement provided guidance, but there may be occasions when exceptions could be made.

74.2     Cllr Hall emphasised that the Risk Appetite Statement would support day to day decision-making within the framework of the Risk Management Policy overseen by the Audit Committee, and aimed to provide consistency in judgements about balancing risk in decision-making. The document was the outcome of a considerable amount of work by councillors and officers who had examined the Council’s appetite for taking managed risk in its activities.

74.3     Cllr Hall proposed an amendment to the recommendation, that the Risk Appetite Statement be approved subject to comments from the Audit Committee, with any minor changes being delegated to the Strategic Director in consultation with the Portfolio Holder for Finance. Cllr Edwards seconded the amendment, which was agreed unanimously by the Executive.

74.5     The Executive then RESOLVED that the Risk Appetite Statement be approved subject to comments from the Audit Committee, with any minor changes being delegated to the Strategic Director in consultation with the Portfolio Holder for Finance.

[Reason: to enable a consistent and efficient approach to considering risk in meeting the objectives set out in the Corporate Strategy.]