Agenda item

Report of the Chief Strategy Officer.

The Committee considered a report of the Chief Strategy Officer concerning a draft Risk Management Policy outlines the City of London Corporation’s risk management framework and expectations.

The following points were noted:

• Policy Overview: The policy aims to provide a comprehensive framework for managing risks across the City of London Corporation, ensuring consistency and effectiveness in risk management practices.
• Governance and Applicability: The policy will be applied across all departments and institutions within the Corporation, including the City Bridge Foundation and the City of London Police Board. It emphasises the roles and responsibilities of officers at various levels.
• Key Components: The policy includes definitions of risk management, the difference between risks and issues, and the importance of risk appetite. It also outlines the processes for identifying, assessing, managing, and reporting risks.
• Training and Culture: There is a strong focus on training and developing a risk-aware culture among staff. This includes integrating risk management into training programs and performance management.
• Implementation and Monitoring: The policy will be socialised through various forums and training sessions. Regular reviews and updates will be conducted to ensure the policy remains relevant and effective.
• Next Steps: The next steps involve finalising the policy, obtaining approvals from relevant committees, and rolling out the policy across the organisation.

RESOLVED – That Members,

a)     Endorse the draft Risk Management Policy

b)     Authorise the Chair and Deputy Chair of Audit and Risk Management Committee to agree any minor changes to the content of the draft document, subject to comments from the City Bridge Foundation Board and City of London Police Authority Board