Agenda item

Risk Management Update

Report of the Chief Strategy Officer.


Members received a report of the Chief Strategy Officer providing an update on the corporate and top red departmental risk registers.


Members noted that the adverse political development risk had changed, and that this would be picked up at the next Chief Officer Risk Management Group meeting, with the risk owners to return to the next Committee meeting. The Chairman said that was not convinced that the target risk was truly effective considering the political climate and the general election due tin 2024, and felt it was worth further examination.


A Member asked if the new departmental risk BBC Buildings 020 LTHW Pumps should be considered for upgrade to the corporate risk register, given the large financial and reputational risk to the City Corporation and the Barbican Centre if the pumps failed. Officers undertook to investigate and return to the Committee.


At the request of the Chairman, officers undertook to look into whether there should be greater commonality between the departmental risks for the three private schools.


RESOLVED, that – Members note:


  • The report and the corporate and top red departmental risk registers outlined in this report.
  • The changes to the corporate and the top red departmental risk registers, including: 
    • CR10 Adverse Political Developments current risk score has decreased from Amber 12 to Amber 8 (4x2 - impact major, likelihood unlikely). The total number of corporate risks has remained at 14.

o   One risk (BBC Buildings 020 LTHW) has been added to and one risk (COO-MKT-WM 004 Wholesale Markets Traffic Management) de-escalated from the red departmental register. The total number of red departmental risks has therefore remained at 24.

  • Following discussion at the Committee meeting in November:

o   Table 3 in this paper now shows risk creation dates and the date risks went onto the corporate risk register as additional background.

o   Work on a new ‘people’ recruitment and retention risk is continuing and will be taken to the next Chief Officer Risk Management Group for review.


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