Issue - meetings
Risk Management Policy
Meeting: 27/05/2025 - Audit and Governance Committee (Item 7)
7 Risk Management Policy 
PDF 540 KB
Summary/Purpose
This report presents the latest version of the Council’s Risk and Opportunity Management Strategy.
Recommendation
That the Audit and Governance Committee resolves to:
1. Approve the Risk and Opportunity Management Strategy.
Additional documents:
- Risk and Opportunity Management Strategy May 25, item 7
PDF 957 KB
- Webcast for Risk Management Policy
Minutes:
The purpose of the report was to present the latest version of the Council’s Risk and Opportunity Management Strategy.
The Business Manager for Governance, Risk and Business Continuity introduced the item. It was noted that while there were minimal changes from the previous version, the document had been revised to reflect the current service structure following the transition of services. There had also been updates to clarify current roles and responsibilities within the Council.
In discussing the report, Members raised the following points:
- A question was raised regarding the basis of the assessment of the Council’s appetite for risk as ‘Cautious’. Clarification was sought as to whether this assessment had been independently and objectively determined by an external agency or rating body.
The Deputy Chief Executive explained that given the current uncertainties, with the transfer of services from Publica and the prospect of local government reorganisation (LGR) in Gloucestershire, the agreed position had been to adopt a cautious approach. This view had been reached independently through discussions with the Chief Executive.
- A query was raised
regarding the Roles and Responsibilities section,
specifically in relation to fraud and internal audit. It was noted
that reporting lines to the Audit and Governance Committee were
unclear, and it was suggested that these should be clarified.
Further clarification was sought on the independence of the counter fraud function, in particular, whether it reported directly to senior management and the nature of the reporting line (functional, administrative, or otherwise).
The Head of the Counter Fraud and Enforcement Unit explained that concerns would initially be raised with the Chief Finance Officer, unless he was implicated, in which case the matter would be escalated to the Chair of the Audit and Governance Committee. The Head of the Counter Fraud and Enforcement Unit confirmed their independence, reporting directly to the Committee while managing interactions based on the nature of the issue. Internal matters may involve HR, risk management, or finance teams and may require coordination with service managers across the Council. The Deputy Chief Executive Officer clarified that the Committee’s role was to assess whether the risk management process provided sufficient assurance, including challenging high-risk scores where mitigation appeared inadequate and ensuring that both operational and strategic risks were effectively managed.
RESOLVED: The Audit and Governance Committee APPROVED the Risk and Opportunity Management Strategy.
Voting record:
For - 4, Against - 0, Abstentions - 0, Absent/Did not vote - 0