City of Stirling Corporate Business Plan

Informing strategies and plans: Risk Management Framework 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. Risk management is a fundamental element In 2022/23, the City achieved the following key priorities:

INFORMING STRATEGIES & PLANS

of sound corporate governance and is part of the City’s organisational purpose, governance, leadership and commitment. 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 has a comprehensive and mature Risk Management Framework (the framework) and is constantly monitoring all areas within the organisation to improve its risk management maturity. The framework is aligned with the Australian/ New Zealand Standard (AS/NZ) ISO 31000 and provides the foundations and principles for managing risks across the City. Oversight of the framework sits with the Accountable Stirling Management Group, which reports to the Executive team, the Audit Committee and Council. The Accountable Stirling Management Group provides oversight on the City’s corporate governance, including risk management, business continuity, compliance and integrity. Effective risk management allows the City to: • Manage its risks and increase confidence in achieving its strategic and business objectives • Manage risks to an acceptable level in accordance to established risk appetite • Make informed and robust decisions and maximise opportunities • Establish the right balance between rewards and risks in decision making • Facilitate continuous improvement in performance.

• Reviewed the City’s Strategic Risk Register, risk appetite, risk appetite statements and key risk indicators • Finalised the City’s service risks and alignment of service risks to strategic risks • Migration of all service risks into the new risk management system • Enhancement of the risk reporting process to the Audit Committee and Council to improve risk management oversight • Completed the Regulation 17 Risk, Compliance and Internal Controls Review • Commenced the implementation of the Accountable Stirling Action Plan for 2023 2025 to drive the City’s maturity in risk, compliance and integrity • Enhanced the integration of risk management with existing strategic and service planning processes • Completed the Integrity Framework Maturity Self-Assessment released by the Public Sector Commission in December 2022, with the City largely assessed between ‘embedded and excelling’ in a majority of the elements • Completed the 2022/23 compliance self assessments, using a risk-based approach focusing on the most significant compliance obligations for each area that would likely have the greatest impact on the City’s ability to achieve its objectives • Completed the annual review of the City’s service business continuity plans. The City’s Accountable Stirling Action Plan 2023-2025 will continue to support and enable the continual maturity of the City’s risk management, compliance and integrity processes, procedures and reporting.

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