City of Stirling Corporate Business Plan

Risk management

In the process of carrying out the responsibilities of a local government in a changing environment, the City faces a broad range of risks from both external and internal sources. The City is committed to embedding risk management practices across the organisation to support the delivery of the City’s Strategic Community Plan and Corporate Business Plan.

The City’s Strategic Risk Register identifies the key risks that affect or are created by the City’s business strategy and strategic outcomes. Effective strategic risks management supports the achievement of the City’s strategic objectives. A key focus for 2020/21 is the review of the City’s Operational Risk Register and the enhancement of the City’s risk management training. The City has identified a comprehensive and mature Risk Management Framework and is constantly monitoring all areas within the organisation to improve risk management. The City’s Risk Management Framework, which includes the City’s Risk Policy and management practice, provides the foundations, key principles and processes for managing risk across the City. The framework is aligned with the AS/NZ ISO 31000. Oversight of the framework sits with the Corporate Risk Management Group, which reports to the Executive team, and through the Executive team to the Audit Committee with respect to the requirements of the Local Government (Audit) Regulations 1996, regulation 17.

In 2019/20, the City achieved the following key priorities in the City’s Risk Management Plan 2019 – 2021: y y Reviewed the City’s Strategic Risk Register y y Defined the City’s risk appetite and the risk appetite statement against the City’s strategic risks, establishing the City’s risk tolerance level y y Developed Key Risk Indicators (KRIs) to benchmark the City’s current behaviour against the key risks, facilitating action to align processes (including controls) and behaviours y y Implemented risk reporting to the Audit and Risk Management Committee and Council.

Risk management is an integral part of the management function in the organisation, and is the responsibility of all employees, with business unit managers having the overall responsibility and accountability for assessing and managing risk within the context of their business environments. Business units are supported in this role through the development, maintenance and continual improvement of an active management culture that acknowledges the need for assessment, management, recording and reporting of risks in all functions and processes.

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