Agenda item

Report of the Chamberlain.

Members noted the new Risk Management Strategy which was approved by the Audit and Risk Management Committee on 13 May 2014. All committees were provided information about the new Risk Management Strategy and progress on its implementation. This report covered the Open Spaces Department.

In line with the Cabinet Office’s Management of Risk (M_O_R) principles, a Risk Management Strategy has been developed to provide a clearer and dynamic framework for managing organisational risks. Key changes in the Risk Management Strategy included a new framework to define risks, a new 4x4 risk scoring model, the introduction of a target risk score and a clearer route to escalate risks.

Resolved: Members noted the new Risk Management Strategy and plans for the phased roll-out of the strategy within departments and City of London Institutions.