NOTTINGHAM CITY HOMES. THE BOARD REPORT OF Ian Rabett Head of Health & Safety 26 November 2015
|
|
- Joseph Welch
- 5 years ago
- Views:
Transcription
1 ITEM 9 NOTTINGHAM CITY HOMES THE BOARD REPORT OF Ian Rabett Head of Health & Safety 26 November 2015 RISK MANAGEMENT 1 SUMMARY 1.1 A review of our risk management arrangements was carried out earlier this year, supported by Zurich Municipal. The outcomes of this review and recommendations for improvement were reported to Audit Committee in October. 1.2 Audit Committee made a number of resolutions, which are reproduced at appendix 1 to this report. 1.3 This report recommends changes to the Corporate Risk Register (CRR) and to the matrix used to assess the risks in the CRR, as well as making recommendations to help the Board review its risk appetite. 2 RECOMMENDATIONS 2.1 Board is asked to consider and approve the risks described at appendix 3; if approved these will replace the risks in the current risk register. 2.2 It is recommended that Board adopt the use of a 4x4 risk matrix as described at appendix It is recommended that Board consider and approve or amend the suggested statement of risk appetite at appendix 5. 3 REPORT Corporate Risk Register 3.1 A report containing proposed changes to our risk management processes was submitted to Audit Committee in October. The Audit Committee s resolutions are reproduced at appendix 1. The most urgent of these is the creation of a draft Corporate Risk Register (CRR), for consideration by Board. 3.2 The brief for Risk Management Group was to capture the risks from the Corporate Plan and other relevant sources into a register that has a manageable number of risks, ideally no more than To do this, risks have been described using the same headings used in the published Corporate Plan, reproduced at appendix 2.
2 3.3 The other relevant sources includes the Homes & Communities Agency (HCA) Sector Risk Profile 2015, which details a number of risks that the HCA expects all registered providers to manage. Our proposals in this paper comply with the guidance, which is prerequisite for our subsidiary organisation. 3.4 The draft CRR at appendix 3 was prepared by the Company s Risk Management Group. The intention is to populate our Covalent risk management system, including assessment of risks and appointing risk owners, after Board has agreed the risks. Risk owners will be responsible for specifying existing controls and further actions; the Health & Safety Team (and Internal Audit) will audit specified controls and monitor further actions. 3.5 Each risk is then split into a number of sub-risks, which break each risk down into its detail. A number of new sub-risks have been identified by the Risk Management Group in addition to those derived from the Corporate Plan and HCA. 3.6 These sub-risks also capture all the risks in the current CRR, with the exception of risk N o 23 the Oracle system and EMSS transactional support do not provide a fit for purpose and VFM service, which is considered to be a departmental risk. All of the risks on the old register have therefore been captured in the new one. 3.7 Our intention is that Board and EMT receive regular reports about the [9] main risks defined in appendix 3, while Audit Committee and the Risk Management Group monitor the more detailed sub-risks. 3.8 Appropriate reports will be developed to provide sufficient, but not overwhelming, information for each group to carry out meaningful review of the CRR. All Board members, directors and members of the Risk Management group will have direct access to the CRR in Covalent so that they are able to conduct further independent analysis where necessary. We anticipate that Board will receive a quarterly update on the main risks, including a short statement under each heading explaining any movement in risk rating and significant deviations from agreed controls or progress with mitigating actions. Audit Committee would receive more detailed reports relating to the sub-risks. Risk Matrix 3.9 A further Audit Committee resolution was that Board should review the format of the risk matrix, which is a visual representation of risk, based on impact and likelihood. This categorises risks as high, medium or low, as represented by the traffic light colours red, amber and green respectively. The current risk register uses a 5x5 matrix. Although this is an accepted industry standard, it encourages people making assessments to sit on the fence, and all risks tend to gather round the centre of the matrix. EMT recommends that this is replaced by a 4x4 matrix, which forces assessors to be more decisive, and more readily defines high, medium and low risks.
3 Examples and pros and cons of both options are shown at appendix An example of how impact and likelihood might be defined in conjunction with a 4x4 risk matrix is also provided at appendix 4. Risk Appetite 3.11 Finally, Audit Committee resolved that Board review its risk appetite. Risk appetite is the amount and type of risk an organisation is willing to take or tolerate in order to achieve its strategic objectives. Board should state, and periodically review, its risk appetite, so that executive directors and senior managers do not make decisions outside the Board s acceptable limits Just as it can be damaging for the organisation to take uncontrolled risks or to set its risk appetite too high, it can be unhealthy and unrealistic to create a zero tolerance policy, as this would effectively stifle the organisation s ability to grow and diversify, as well as placing impossible strictures on its managers and requiring every decision to be referred back to Board The Board may, however, have a lower risk appetite in some areas than in others; for example, the Board may wish to tolerate less risk in areas of regulatory compliance and activities exposing the organisation to reputational damage than for new business opportunities A simple and recommended way to state risk appetite is therefore to set the Board s expectations for each of the risks in the CRR, using the risk matrix. This expectation will then become the target risk, and suitable controls will be put in place to ensure that the risk is controlled within that target. Quarterly risk reports will then detail which risks are not operating within the Board s acceptable limits, and any movement towards or deviation from their set target Board is therefore asked to review and agree or amend the suggested statement of risk appetite at appendix 5. This statement expands the nature of risks that are controlled, and allows Board to vary its approach to each risk according to the likely outcomes. The statement also allows for Board to keep its appetite for each risk under continual review, rather than setting an annual review target. 4 FINANCIAL, LEGAL AND RISK IMPLICATIONS 4.1 Financial These proposals will not incur any additional costs as the work involves improvements to policy and procedures, and management of risk is carried out using existing resources. 4.2 Legal Although there is no legislation that requires risk management within NCH,
4 risk management processes are audited by and will also be subject to HCA scrutiny if RP status is conferred. 5 IMPLICATIONS FOR NOTTINGHAM CITY HOMES OBJECTIVES 5.1 Effective risk management is conducive to ensuring that strategic objectives are achieved within expectations. 6 EQUALITY AND DIVERSITY IMPLICATIONS 6.1 Has the equality impact of these proposals been assessed? Yes (EIA attached) No (this report does not contain proposals which require an EIA)
5 7 FURTHER INFORMATION 7.1 HCA Sector Risk Profile (2015) 8 APPENDICES 8.1 Appendix 1: Audit Committee Resolutions October Appendix 2: Published Risks (Corporate Plan ) 8.3 Appendix 3: Proposed Draft Corporate Risk Register 8.4 Appendix 4: Current and Alternative Risk Matrix 8.5 Appendix 5: Current and Alternative Statement of Risk Appetite
6 APPENDIX 1: AUDIT COMMITTEE RESOLUTIONS OCTOBER /08 CORPORATE RISK REGISTER Consideration was given to a report of the Company Secretary ( CS ) which outlined the need for the Company to review its Risk Management approach to suit its new governance arrangements and the formation of two subsidiaries.. The AC was informed that the Health and Safety Team were going to assume responsibility for administering the company s risk management strategy. New risks needed establishing in line with the Corporate Plan. A review of existing arrangements had been conducted by Zurich Municipal. Discussions were held on Risk Management. A report would be submitted to Board based on the recommendations of the report. RESOLUTIONS: The Audit Committee agreed that: 1. The Head of Health and Safety review the risk Management Framework and propose any amendments needed to Board; 2. The Company Secretary and the Risk Management Group will review the Corporate Risk Register and develop a draft for Board approval; and 3. Directorate level risk registers will be developed and feed onto the CRR; and 4. Board should review the risk matrix; re-define their risk appetite and what they would like to see on regular reports. 5. Risk training for Board and company managers should be refreshed 6. The future internal Audit plan to be developed from the revised corporate risk register. Back to report
7 APPENDIX 2: PUBLISHED RISKS (CORPORATE PLAN ) The numbers in red type indicate where these risks can be found in the proposed draft CRR. Back to report
8 APPENDIX 3: PROPOSED DRAFT CORPORATE RISK REGISTER The risk categories used in the Corporate Plan (appendix 2) are used to define each risk. There are therefore 9 risks, which are not expected to change significantly over time. Each risk is then broken down into its constituent sub-risks. Sub risks are likely to change regularly over time, and may be added or removed according to changing circumstances and strategic objectives. 1. STRATEGIC LEADERSHIP Weaknesses in the leadership provided by Board and senior management, our planning processes or governance arrangements lead to poor performance, lack of confidence or breach of statutory requirements a) Board lacks the competence, structure and authority to provide strategic direction and oversight, and appropriate challenge to senior management. b) NCH lacks the knowledge, resources and procedures required to ensure that the statutory requirements of running a company are complied with. c) Present governance arrangements are insufficient to meet the HCA s economic and consumer standards (including the financial viability standard), which would be necessary to obtain Registered Provider status. d) NCH management structure may have neither the competence nor capacity to manage its 2 new subsidiaries. e) Mismanagement of funding allocated to NCH, including poor financial management or failure to follow financial regulations. 2. FINANCIAL Variations in assumptions made for business planning purposes or the adverse effects of external influences create a shortfall in funding levels and potential failure to maintain sufficient credit to operate as a going concern a) Rental income is reduced by 1% p.a. from , creating a XX m shortfall against projected income. b) Demands are made on NCH income in order to reduce the Council s deficit, resulting in an inability to maintain stock to DH standard c) Funding income for Highwood House and NOC are reduced, resulting in reduced services or increased costs for the most vulnerable residents. d) Failure to maintain performance results in withdrawal of insourcing income from NCC
9 e) Right to Buy becomes more affordable and easier for tenants, reducing NCC stock and NCH rental income. f) The introduction of Universal Credit impacts on tenants' ability to afford rents, and directs rents payments directly to them, requiring additional resources to maintain rent collection at current levels. g) The Company does not carry out regular or structured stress testing to ensure that it remains financially viable in the event of severe income variations, resulting in potential income shortfalls and failure to meet HCA's Financial Viability Standard h) Increases in inflation rates create additional costs (for services and materials) and an expectation for increased staff pay, while implementing government cuts in public service spending. i) Pensions deficits are unaffordable, and create additional financial burdens on the organisation j) Interest rates increase creating additional burdens on debt repayments k) Property values decrease (or East Midlands property values fall behind national averages) l) Increasing energy supply costs (e.g. oil / gas / electricity) create additional overheads for running a business, and increase fuel poverty amongst residents 3. HEALTH AND SAFETY A failure to manage risk, comply with statutory requirements or plan effectively for emergencies results in severe injury, ill-health or fatality, legal action or inability to deliver services a) Employees or residents are severely injured or incapacitated as a result of the company's activities, resulting in extended lost time and employer's / public liability claims. b) The company fails to meet its statutory health and safety and fire safety obligations (including gas servicing), resulting in prosecution or public censure 4. BUSINESS CONTINUITY A failure to plan effectively for emergencies results in threats to residents' welfare, loss of homes or a temporary inability to deliver services a) Business continuity risks are not recognised or managed, resulting in business disruption following an unexpected event.
10 b) NCH fails to plan for and resource its response to emergencies, resulting in poor response, increased risk to employees and customers and reputational damage c) Strike or other industrial action (e.g. fuel strikes) reduces or prevents NCH service delivery.
11 5. RELATIONSHIPS WITH CUSTOMERS & KEY STAKEHOLDERS Poor performance, customer service and relationships with stakeholders results in loss of confidence in the company to meet its objectives a) Poor performance and customer service creates dissatisfaction and failure to retain confidence of key stakeholders, particularly the City Council b) Poor relationship with local press and failure to promote company's achievements creates a detrimental public image 6. EMPLOYEE ENGAGEMENT A lack of consistent leadership and employee engagement or diminishing terms and conditions of employment lead to loss of employee confidence, reducing morale and an inability to retain / recruit competent employees a) Ineffective employee relations, reductions in training budgets and poor leadership creates a failure to maintain a competent and motivated workforce b) The cumulative effects of changes to terms and conditions, pensions and pay freezes creates uncompetitive terms and conditions, resulting in increased staff turnover and failure to recruit competent employees 7. CHANGES IN POLICY OR LEGISLATION Adverse or frequent changes to government [or NCC] housing policy and / or legislation [in particular the Housing Bill] creates additional burdens on resources, an inability to plan effectively for the future, and loss of income or loss of identity / assets a) The introduction of Pay-to-Stay requires additional resources to track household incomes and amend rent payments, and encourages higher income families to exercise Right to Buy. b) NCC is forced to sell off higher value properties, reducing the numbers and desirability of its housing stock. c) Frequent changes to legislation and policy prevent effective planning for the future. 8. INFORMATION & COMMUNICATIONS TECHNOLOGY [ICT] Loss of data, failure of networks or operating systems, insufficient data security or a failure to invest in technological improvements prevents efficient delivery of services or results in legal action a) Critical ICT systems and data are not backed up securely, resulting in significant data loss or inability to provide effective services.
12 b) ICT projects and system improvements are not delivered as planned, causing delays to major projects and additional costs c) Inadequate ICT security allows data theft, fraud and malware infections of NCH and customer information. d) ICT databases and web pages are not kept up to date or contain incorrect information, resulting in poor customer services and experience e) Failure to match company requirements and ICT systems results in inefficient service delivery. 9. BUSINESS DEVELOPMENT NCH fails to diversify, compete effectively in open markets or manage the risks associated with new business activities, resulting in a reducing core business, poor investments and loss of confidence in the organisation a) Our failure to identify new business opportunities and to grow and diversify appropriately results in a net reduction of the company's business and assets. b) A failure to identify and manage the risks attached to new business results in financial loss or reputational damage for Nottingham City Homes c) A lack of commercial awareness and expertise at Board and Executive Management level results in early failure of new business models d) Competition and other market forces impact on the success and profitability of new business ventures e) Forced sale of new build homes at below market rates through RTB leaves NCH with outstanding debt and no rental income for affected properties. f) Inability to acquire land suitable for development in Nottingham reduces scope and increases cost of new build programmes Back to report
13 APPENDIX 4: CURRENT AND ALTERNATIVE RISK MATRIX The current risk matrix is on a 5x5 scale, indicating consequence vs likelihood: 5 Likelihood Impact The advantages of this matrix are: - it is a recognised industry standard - it is familiar to employees who already use Covalent - it is familiar to Board / EMT who receive risk management reports. The main disadvantage of this matrix is that people will tend to assess likelihood and consequence at 3 because it is easier than making a decision either way. This artificially centres risks around the median. For example, the matrix above right shows the current spread of risks as reported by our existing CRR. EMT recommends a 4x4 matrix: Likelihood Impact Likelihood 4 Simple controls Audit. Urgent measures. Prevent or avoid. Insurance. Accept. Contingency planning Impact The advantages of this matrix are: - it forces people to make a decision either way - the spread of high, medium and low risk is more intuitive. - It is easier to see how risk should be treated. For example, the matrix above right shows how the Board might elect to treat risks in the CRR.
14 The main disadvantage of this matrix is its unfamiliarity, and that it is not the one currently used in Covalent (although this can be changed in-house relatively easily) For reference, the numbers for likelihood and impact ratings need to mean something. At the moment, impact is only expressed as financial loss or delays to programmes. It is desirable to include legal and reputational impact, and to score likelihood in terms that people can easily relate to. The scores could look something like this: Likelihood: in any 12 month period Rating Description 4. Almost Certain Is expected to occur I would bet my house on it 3. Likely More likely to occur than not I expect this to happen sooner or later 2. Unlikely Is less likely to occur than not I would be surprised if this happened 1. Remote Is very unlikely to occur, but not impossible I m almost certain that this won t happen Impact: most likely outcome Rating On objectives Financial loss Reputational Legal 4: Catastrophic Unable to meet multiple objectives > 5m Non-rescuable situation; may require Board resignation Prosecution of organisation and / or senior managers 3: Major Delays or adjustments to multiple objectives 2: Minor Delays or adjustments to single objective 1-5m Severe, sustained damage at sector level; may require CE resignation 250k - 1m Sustained damage at local level; may require internal investigation 1: Negligible No effect < 250k Single article at local level District Auditor / HCA investigation; possible referral to CPA Enforcement action: prohibition or improvement notice No action: advisory letter or fixed penalty. Back to report
15 APPENDIX 5: CURRENT AND ALTERNATIVE STATEMENT OF RISK APPETITE Existing statement on risk appetite taken from the Risk Management Framework Acceptable Risk Risk appetite is the extent to which NCH is prepared to tolerate risk and take on additional risk in order to achieve its objectives. As a general principle, NCH will seek to eliminate and control all those risks which could: - Impact on its ability to meet its Corporate Objectives; - Have a substantial adverse financial impact; - Cause a loss of public confidence in NCH from stakeholders, - Prevent it from meeting its obligations under the Partnership Agreement. Risk cannot always be eliminated completely, but can usually be reduced to an acceptable level and changing nothing could itself be a high-risk strategy. What constitutes an acceptable level of risk will be subject to discussion by the Board. It is important to strike the right balance between how much it costs to manage risk and the exposure of taking no action. The most cost-effective controls should be in place for each risk, with managers having considered the cost against the benefit of the control. This means that certain risks will always have an impact on the organisation because the cost of reducing the risk is higher than the cost of the risk actually occurring. NCH works in a sector of considerable political and social importance and it would be inconsistent with NCH s vision, purpose and objectives, to just take risks in order to secure high financial returns. Suggested alternative statement Risk Appetite Risk appetite is the extent to which NCH is prepared to tolerate risk and take on additional risk in order to achieve its objectives. As a general principle, NCH will seek to control to an acceptable level all those risks which could substantially: - impact on its ability to meet its Corporate Objectives; - have an adverse financial impact; - cause a loss of public confidence in NCH from stakeholders; - prevent it from meeting its obligations under the Partnership Agreement; - bring the organisation into disrepute; - cause the organisation to be in breach of its legal obligations; or: - restrict the organisations capacity to grow and diversify. What constitutes an acceptable level of risk is a matter reserved for Board. Board will therefore set a target for each of the risks in the Corporate Risk Register, and keep that target under review. Board may wish to set targets that require stricter controls for some
16 risks, for example those relating to statutory requirements and reputational risks, than for others such as developing new business, where more flexibility is desirable. Our Risk Management Group will provide regular reports to Board and its Audit Committee about risks that exceed the Board s stated risk appetite, progress towards achieving targets set by Board, and variations from expected performance. Back to report
Risk Management Framework
Risk Management Framework Risk Management Framework 1. The University views Risk Management as integral to the successful execution of its Strategy. In order to achieve the aims set out in our strategy,
More informationHCA Consultation on changes to the Regulatory Framework
CIH Briefing HCA Consultation on changes to the Regulatory Framework 1. Introduction 1.1. Following responses to its April 2013 discussion paper, the HCA has now issued a consultation paper on its proposed
More informationRISK MANAGEMENT FRAMEWORK
Risk Management Framework RISK MANAGEMENT FRAMEWORK Purpose This Risk Management Framework introduces St. Michael s College s approach to risk management. It includes a definition of risk, a summary of
More informationIntegrated Risk Management Framework Sept Page 1 of 17
Integrated Risk Management Framework 2017-2018 Sept 2017 Page 1 of 17 Reference: Title: Author/Nominated Lead: Approval Date: Approving Committee: Review Date: Target Audience: Circulation List: Cross
More informationScouting Ireland Risk Management Framework
No. SID 124A/15 Gasóga na héireann/scouting Ireland Issued Amended 20 th June 2015 Deleted Source: National Management Committee Scouting Ireland Risk Management Framework Revision Date Description # 20/06/2015
More informationRisk Management Framework
Risk Management Framework Anglican Church, Diocese of Perth November 2015 Final ( Table of Contents Introduction... 1 Risk Management Policy... 2 Purpose... 2 Policy... 2 Definitions (from AS/NZS ISO 31000:2009)...
More informationRisk Management Strategy January NHS Education for Scotland RISK MANAGEMENT STRATEGY
NHS Education for Scotland RISK MANAGEMENT STRATEGY January 2016 1 Contents 1. NES STATEMENT ON RISK MANAGEMENT 2 RISK MANAGEMENT STRATEGY 3 RISK MANAGEMENT STRUCTURES 4 RISK MANAGEMENT PROCESSES 5 RISK
More informationRisk Management. Policy and Procedures
Risk Management Policy and Procedures POLICY SCHEDULE Policy title Policy owner Policy lead contact Approving body Date of approval/review Related Guidelines and Procedures Review interval Risk Management
More informationHousing Risk Management
Housing Risk Management N I G E L I R E L A N D, C M I I A, C I S A, P R I N C E 2 P R AC T I T I O N E R 17 A P R I L 20 1 5 @ n d i s o l u t i o n s w w w. b a r c u d s h a r e d s e r v i c e s. o
More informationUNIVERSITY OF ABERDEEN RISK MANAGEMENT FRAMEWORK
UNIVERSITY OF ABERDEEN RISK MANAGEMENT FRAMEWORK 1 TABLE OF CONTENTS FIGURES AND TABLES... 3 1. INTRODUCTION... 4 2. KEY TERMS AND DEFINITIONS... 5 2.1 Risk... 5 2.2 Risk Management... 5 2.3 Risk Management
More informationRisk Management Strategy
Resources Risk Management Strategy Successful organisations are not afraid to take risks; Unsuccessful organisations take risks without understanding them. Issue: Version 3 - November 2011 Group: Resources
More informationRisk Management Policy
Risk Management Policy May 2018 Contents 1.0 Purpose... 3 2.0 Scope... 3 3.0 Risk appetite... 3 4.0 Risk management process... 4 5.0 Measuring success... 7 6.0 Review of policy... 7 Appendix A Definitions
More informationRisk Management Strategy
Risk Management Strategy Job title of lead contact: Corporate Services Manager Version number: Version 1 Group responsible for approving Executive Team / Governing Body the document: Date of final approval:
More informationRISK REGISTER POLICY AND PROCEDURE
RISK REGISTER POLICY AND PROCEDURE Lead Manager: Head of Clinical Governance Responsible Director: Board Medical Director Approved by: Date Approved: Date for Review: Feb 2012 Replaces Version: 1.0 Page
More informationRisk. Protocol for the Management of Risk
Risk Protocol for the Management of Risk Instr No Contact Brian Orpin Version 4.0 Email brian.orpin@nhs.net Issue Date 27/04/2015 Telephone 0131 314 5360 Review Date 27/04/2016 Status Issued Change Control
More informationRisk Management Framework. Group Risk Management Version 2
Group Risk Management Version 2 RISK MANAGEMENT FRAMEWORK Purpose The purpose of this document is to summarise the framework which Service Stream adopts to manage risk throughout the Group. Overview The
More informationRisk Management Framework
Risk Management Framework Introduction The outgoing Corporate Strategy 2013-18 and incoming University Strategy 2018-23 continues on a trajectory towards Vision 2025 in an increasingly competitive Higher
More informationDisclosure Prudential Disclosure Report. 12/31/2017 Derayah Financial
Derayah - Pillar III Disclosure -2017 Prudential Disclosure Report 12/31/2017 Derayah Financial Table of Contents 1. OVERVIEW... 2 2. CAPITAL STRUCTURE... 2 2.1. Disclosure on Capital Base... 3 3. CAPITAL
More informationBournemouth Primary MAT Risk Management Policy
Bournemouth Primary MAT Risk Management Policy 1. Introduction The Bournemouth Primary Multi-Academy Trust (the Trust) operates a risk management system in order to identify and manage key exposures and
More informationQueen s University Belfast. Risk Management. Policy and Procedures
Queen s University Belfast Risk Management Policy and Procedures POLICY SCHEDULE Policy title Policy owner Policy lead contact Approving body Date of approval/review Related Guidelines and Procedures Review
More informationApproved by: Diocesan Council 17 December 2015
DIOCESAN COUNCIL POLICY 39 Risk Management Approved by: Diocesan Council 17 December 2015 1 PREAMBLE The Perth Diocesan Trustees under the authority of the Diocesan Trustees Statute 1952 have the responsibility
More informationNagement. Revenue Scotland. Risk Management Framework. Revised [ ]February Table of Contents Nagement... 0
Nagement Revenue Scotland Risk Management Framework Revised [ ]February 2016 Table of Contents Nagement... 0 1. Introduction... 2 1.2 Overview of risk management... 2 2. Policy Statement... 3 3. Risk Management
More informationSouth Lincolnshire NHS Clinical Commissioning Group Business Continuity Policy
South Lincolnshire NHS Clinical Commissioning Group Business Continuity Policy Reference No: CG001 Version: Version 1 Approval date 27 March 2014 Date ratified: 27 March 2014 Name of Author and Lead Jules
More informationNHS North Somerset Clinical Commissioning Group Risk Management Strategy and Framework
NHS North Somerset Clinical Commissioning Group Risk Management Strategy and Framework An Integrated Risk Management Framework Clinical Risk Management Financial Risk Management Corporate Risk Management
More informationNagement. Revenue Scotland. Risk Management Framework
Nagement Revenue Scotland Risk Management Framework Table of Contents 1. Introduction... 2 1.2 Overview of risk management... 2 2. Policy statement... 3 3. Risk management approach... 4 3.1 Risk management
More informationINTEGRATED RISK MANAGEMENT FRAMEWORK (STRATEGY AND POLICY)
INTEGRATED RISK MANAGEMENT FRAMEWORK (STRATEGY AND POLICY) Version 1.5 (DRAFT) RATIFIED DATE BY WHOM Fylde and Wyre CCG Governing Body Fylde and Wyre CCG (F&W CCG) is committed to ensuring that, as far
More informationYACHTING AUSTRALIA. Club Risk Management Template. A Practical Resource for Clubs and Centres
YACHTING AUSTRALIA Club Risk Management Template A Practical Resource for Clubs and Centres Club Risk Management Template Safety is Yachting Australia s first priority. In line with upholding this priority,
More informationInsurance regulation and operational risk
Insurance regulation and operational risk John Thirlwell Non-executive Director, Novae Syndicates Limited London, 7 June 2006 What do we mean by operational risk? The operational risk framework and the
More informationRISK MANAGEMENT POLICY AND STRATEGY
1 RISK MANAGEMENT POLICY AND STRATEGY Version No: Reason for Update Date of Update Updated By 1 Review Timeframe September 2014 2 Review June 2017 Governance Manager Governance Manager 3 4 5 6 7 8 Introduction
More informationDocumentation Control. Hazard Identification, Risk Assessment and Management Procedure. (This document is linked GG/CM/007- Risk Management Policy)
Documentation Control Reference: Date approved: 24 November 2016 Approving Body: (This document is linked GG/CM/007- Risk Management Policy) Trust Board (Medical Director) Implementation Date: 24 November
More informationRISK MANAGEMENT FRAMEWORK
RISK MANAGEMENT FRAMEWORK 1 RISK MANAGEMENT FRAMEWORK... 1 INTRODUCTION... 3 AN EFFECTIVE ENTERPRISE RISK MANAGEMENT SYSTEM... 4 Guiding Principles... 4 RISK GOVERNANCE... 5 Mandate and Commitment... 5
More informationRISK MANAGEMENT POLICY. Head of Corporate Development and Change. Policy owners
POLICY RISK MANAGEMENT Policy owners Policy holder Author Head of Corporate Development and Change Risk and Policy Manager Head of Corporate Development and Change/ Programme Manager/ Risk and Policy Manager
More informationPolicy Number Functional Field. Governance and Management. Related Policies. Policy of Making University Policies.
Policy Title Risk Management Policy Policy Number -0 Functional Field Related Policies Responsibility of Issuing Office Governance and Management Policy of Making University Policies Risk Management Office
More informationRisk Management Policy
Risk Management Policy Date First Published June 2016 Version 3 Date Last Approved 20 th June 2018 Review Cycle 1 Year Review Date June 2019 Learning together; to be the best we can be 1. Introduction
More informationRISK AND BUSINESS CONTINUITY MANAGEMENT
RISK AND BUSINESS CONTINUITY MANAGEMENT EFFECTIVE: 18 MAY 2010 VERSION: 1.4 FINAL Last updated date: 29 September 2015 Uncontrolled when printed 2 Effective: 18 May 2010 CONTENTS 1 POLICY STATEMENT...
More informationLONDON BOROUGH OF ENFIELD RISK MANAGEMENT STRATEGY
LONDON BOROUGH OF ENFIELD RISK MANAGEMENT STRATEGY JANUARY 2013 1 Version Control Reference Comments Approval date 05 09 12 19 11 12 10 01 13 2 FOREWORD Welcome to the Council s Risk Management Strategy.
More informationRisk Management Policy
Risk Management Policy Date Published 6 th July 2016 Version 1 Approved Date 6 th July 2016 Review Cycle Annually Review Date June 2017 Learning together; to be the best we can be 1. Introduction 1.1.
More informationRisk Management Policy and Procedures.
Risk Management Policy and Procedures. Rev Date Purpose of Issue/Description of Change Date 1. June 2006 Initial Issue 2. November 2009 Revised and updated 6 th November 2009 3. September 2010 Revised
More informationRisk Management Policy. September 2015
Risk Management Policy September 2015 Contents Policy Statement... 3 AA s Commitment to Risk Management... 3 Risk Management Principles... 4 Governance Framework... 6 Roles and Responsibilities... 7 Board...
More informationRISK MANAGEMENT POLICY
RISK MANAGEMENT POLICY TABLE OF CONTENTS PAGE 1. BACKGROUND 3 2. MATERIAL BUSINESS RISK 3 3. RISK TOLERANCE 4 4. OUTLINE OF ARTEMIS RESOURCE LIMITED S RISK MANAGEMENT POLICY 5 5. RISK MANAGEMENT ROLES
More informationRisk Management at Central Bank of Nepal
Risk Management at Central Bank of Nepal A. Introduction to Supervisory Risk Management Framework in Banks Nepal Rastra Bank(NRB) Act, 2058, section 35 (a) requires the NRB management is to design and
More informationFour risk assessment stages for Methodist churches
Four risk assessment stages for Methodist churches We live in uncertain times and a changing world. Here we help you assess and manage the various risks that you might face that could impact your vision
More informationDisclosure Prudential Disclosure Report. 12/31/2016 Derayah Financial
Derayah - Pillar III Disclosure -2016 Prudential Disclosure Report 12/31/2016 Derayah Financial Table of Contents 1. OVERVIEW... 2 2. CAPITAL STRUCTURE... 2 2.1. Disclosure on Capital Base... 3 3. CAPITAL
More informationRisk Management Framework. Metallica Minerals Ltd
Risk Management Framework Metallica Minerals Ltd Risk Management Framework 23 March 2012 Table of Contents Contents 1. Introduction... 3 2. Risk Management Approach... 3 3. Roles and Responsibilities...
More informationRisk Management Strategy
Risk Management Strategy Category: Summary: Equality Impact Assessment undertaken: Strategy The purpose of this document is to set out a clear strategy for the Trust s vision in relation to the management
More informationPENSION SCHEME. Statement of Investment Principles
PENSION SCHEME Statement of Investment Principles 1. Introduction This statement details the principles governing the investment policy of the BBC Pension Scheme (the Scheme). It has been prepared by the
More informationApplying COSO s Enterprise Risk Management Integrated Framework. September 29, 2004
Applying COSO s Enterprise Risk Management Integrated Framework September 29, 2004 Today s organizations are concerned about: Risk Management Governance Control Assurance (and Consulting) ERM Defined:
More informationThemed Audit Schools Budget Setting, Management and Control
Internal Audit Report Themed Audit Schools Budget Setting, Management and Control 2015/16 Issued to: Copied to Simon Newland Assistant Director (Education Provision and Access) Marcus Cooper Senior Education
More informationResponse to Ofcom s consultation on price rises in fixed term contracts
Response to Ofcom s consultation on price rises in fixed term contracts 14 March 2013 Price rises in fixed term contracts Ombudsman Services consultation response 1 Summary 1.1 About Ombudsman Services
More informationPolicy Number: 040 Risk Management August 2018
Policy Number: 040 Risk Management August 2018 Policy Details 1. Owner Manager, Business Services 2. Compliance is required by Staff, contractors and volunteers 3. Approved by The Commissioner 4. Date
More informationEnterprise Risk Management process at Dragon Oil
Enterprise Risk Management Risk Management Process Dragon Oil s business is potentially exposed to different risks. However, some business risks can be accepted by the Group provided that acceptance of
More informationWHITE PAPER FOUR PRACTICAL WAYS TO CAPTURE AND MONITOR RISK APPETITE
WHITE PAPER FOUR PRACTICAL WAYS TO CAPTURE AND MONITOR RISK APPETITE 90 CAPTURE AND MONITOR RISK APPETITE 2 FOUR PRACTICAL WAYS TO CAPTURE AND MONITOR RISK APPETITE Many organisations are grappling with
More informationRisk Management Policy and Framework
Risk Management Policy and Framework Risk Management Policy Statement ALS recognises that the effective management of risks is a fundamental component of good corporate governance and is vital for the
More informationGoverning Body Assurance Framework and Risk Register
Title of paper: Governing Body Assurance Framework and Risk Register Meeting: Governing Body, 231 st January 2014 Author: email: Exec Lead: Justin Dix, Governing Body Secretary justin.dix@surreydownsccg.nhs.uk
More informationUSF System Compliance & Ethics Program. Risk Assessment Process. Enterprise-Wide Risk Assessment
USF System Compliance & Ethics Program Risk Assessment Process Enterprise-Wide Risk Assessment Risk Assessment Process Risk Assessment: A disciplined, documented, and ongoing process of identifying and
More informationThe funding of supported accommodation
CIPFA Response to The funding of supported accommodation Consultation response to the revised proposals from Department of Communities and Local Government and the Department for Work and Pensions (October
More informationManaging risk appetite for operational and non-financial risks
Managing risk appetite for operational and non-financial risks John Thirlwell IIA, Bodø, 27 May 2013 Agenda What do we mean by operational and nonfinancial risks? What do we mean by risk appetite? A framework
More informationUniversity of Greenwich Risk Management Guide Revised October 2017
University of Greenwich Risk Management Guide Revised October 2017 Purpose of the Guide 1. This document supplements the Risk Management Policy of the University of Greenwich. It explains why risk management
More informationRisk Management Strategy
Risk Management Strategy Document Reference MLCSU CA_WL_V3 Version 3 Authors: Donna Bamber, Midlands & Lancashire Commissioning Support Unit Senior Risk Officer Smita Shetty, Service Redesign Manager,
More informationImplementing A Risk Management Framework
Implementing A Risk Management Framework Dennis J Clark Clark Corporate Consulting Pty Ltd Room Day, Date Saturday 26 February 2011 Time 11.00am 12.00 pm Proudly supported by Blackbaud Session Outline
More informationWCC Pension Fund Risk Register March 2017
WCC Pension Fund Risk Register March 2017 Mitigating Actions - Key Mitigating Actions - Don't currently undertake - not started Mitigating Actions - Started work - part complete Mitigating Actions - We
More informationRisk Management Policy 2018
1 Risk Management Policy 2018 Version: Final Draft 0.2 Date: March 2018 Page 1 of 24 2 Document Control Organisation Copeland Borough Council Title Risk Management Framework Version Author Gillian Butterworth,
More informationGRINDROD SOUTH AFRICA//Policy Risk and opportunity governance framework
Document number GP24 Revision number 02 Issue date 23 May 2017 Author name Andrew Davies Approval Risk Committee 02 CONTENTS 1 Purpose 04 2 Objective 04 3 Risk and opportunity governance policy 04 4 Governance
More informationNFA response to government consultation on social housing fraud
NFA response to government consultation on social housing fraud March 2012 Introduction The National Federation of ALMOs (NFA) represents 55 ALMOs which manage over 800,000 council homes across 54 local
More informationERM in the Rating Process: A Practical Perspective
ERM in the Rating Process: A Practical Perspective Jeffrey Mango, Group Vice President, A.M. Best Michelle Baurkot, Assistant Vice President, A.M. Best Tom Zitelli, Managing Senior Financial Analyst, A.M.
More informationPILLAR 3 DISCLOSURE POLICY
PILLAR 3 DISCLOSURE POLICY Part 1. Overview of the Disclosure requirements 1.1 Introduction The European Union Capital Requirements Directive (EU CRD) was introduced in January 2007 to ensure consistent
More informationManaging Olympic Risks. Dr Will Jennings University of Southampton
Managing Olympic Risks Dr Will Jennings University of Southampton Outline 1. Risk and mega-events: complexity and decision-making under uncertainty 2. A brief history of risk management and the Olympics
More informationCouncil, 4 December 2014 Proposed changes to Financial Regulations and Scheme of Delegation
Council, 4 December 2014 Proposed changes to Financial Regulations and Scheme of Delegation Executive summary and recommendations Introduction The finance systems upgrade project together with forthcoming
More informationHSC Business Services Organisation Board
Paper BSO 25/2009 HSC Business Services Organisation Board Risk Management 1. Purpose of this report The purpose of this report is to brief the Board on the BSO Risk Management process. 2. Background HSC
More informationRisk Management. Policy No. 14. Document uncontrolled when printed DOCUMENT CONTROL. SSAA Vic
Document uncontrolled when printed Policy No. 14 Risk Management DOCUMENT CONTROL Version: Date approved by Board: On behalf of Board: Jack Wegman 17 March 2015 26 March 2015 Denis Moroney President Next
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Guidance Paper No. 2.2.x INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS GUIDANCE PAPER ON ENTERPRISE RISK MANAGEMENT FOR CAPITAL ADEQUACY AND SOLVENCY PURPOSES DRAFT, MARCH 2008 This document was prepared
More informationUse of Right to Buy Receipts
Report to the Cabinet 26 September 2016 Wards: Citywide Use of Right to Buy Receipts Report of the City Neighbourhoods and Housing Manager This is a Key Decision This is a key decision. The matter is in
More informationAn introduction to Operational Risk
An introduction to Operational Risk John Thirlwell Finance Dublin, 29 March 2006 Setting the scene What is operational risk? Why are we here? The operational risk management framework Basel and the Capital
More informationRisky Business. Jaidev Iyer Operational Risk Expert, CEO J-Risk Advisors
Risky Business Jaidev Iyer Operational Risk Expert, CEO J-Risk Advisors Speaker Information Jaidev Iyer Enterprise & Operational Risk Expert J-Risk Advisors Jaidev Iyer is a veteran of Citigroup, where
More informationLEGAL & GENERAL GROUP PLC risk management supplement
LEGAL & GENERAL GROUP PLC 2017 risk management supplement Supplement contents Within this supplement we set out descriptions of the risks we face, how our risk management framework operates, as well as
More informationCITY OF JOHANNESBURG METROPOLITAN MUNICIPALITY GROUP RISK AND ASSURANCE SERVICES GROUP RISK MANAGEMENT POLICY
CITY OF JOHANNESBURG METROPOLITAN MUNICIPALITY Effective Date 1 July 2015 TABLE OF CONTENTS 1. POLICY STATEMENT... 3 2. POLICY CONTEXT... 4 3. PURPOSE... 5 4. POLICY SCOPE AND APPLICATION... 6 5. RISK
More informationICSA response to the Department for Business, Energy and Industrial Strategy (BEIS) consultation on Insolvency and Corporate Governance
Insolvency and Corporate Governance Business Frameworks Directorate Department for Business, Energy and Industrial Strategy 1st Floor 1 Victoria Street London SW1P 0ET By email: insolvencyandcorporategovernance@beis.gov.uk
More informationBoard Risk Appetite Statement
SH NCP 62 Version: 3 Summary: Keywords (minimum of 5): (To assist policy search engine) Target Audience: This document establishes the key areas of risk and guidance on the level of risk the Board is prepared
More informationChina International Capital Corporation (UK) Limited Pillar 3 Disclosure In respect of Financial Year Ended 31 December 2016
Pillar 3 Disclosure December 2016 China International Capital Corporation (UK) Limited Pillar 3 Disclosure In respect of Financial Year Ended 31 December 2016 1. Overview Capital Requirements Regulation
More informationRISK AND OPPORTUNITY ASSESSMENT GUIDE RISK CRITERIA
RISK AND OPPORTUNITY ASSESSMENT GUIDE RISK ASSESSMENT GUIDE TABLE OF CONTENTS 1. PURPOSE... 3 2. SCOPE... 3 3. RELATED DOCUMENTS... 3 4. PROCEDURE... 3 5. RISK MANAGEMENT PROCESS... 3 6. STEP 1 RISK ANALYSIS...
More informationMain Sections. Corporate Risk Policy Statement and Procedures AR-RMD-CR01. Executive Summary. Anglia Ruskin University Risk Management
Corporate Risk Policy Statement and Procedures AR-RMD-CR01 Executive Summary This document is intended to assist Anglia Ruskin University, its subsidiaries and Joint Ventures in controlling business risks,
More informationOutline Capital Investment Strategy
Outline Capital Investment Strategy INDEX FOREWORD 1. INTRODUCTION 2. PURPOSE 3. SUMMARY 4. INFLUENCES ON CAPITAL INVESTMENT 5. CURRENT CAPITAL EXPENDITURE 6. COMMERCIAL PROPERTY INVESTMENT STRATEGY 7.
More informationSTRATEGY DOCUMENT. Risk Management Strategy
STRATEGY DOCUMENT Risk Management Strategy Document Number: 1COV-STG-007 Sponsor: Chief Executive Date Created: 01/11/2005 Version: 5.0 Status: Final Date Approved: xxx Next Review Date: xxx Approved By:
More informationRailway Housing Association. Value for Money Strategy
Railway Housing Association Value for Money Strategy 2016-21 1 Executive Summary 1.1 Railway Housing Association (RHA) recognises that Value for Money (VFM) is a fundamental consideration for all housing
More informationConceptualisation Stage Continued
Conceptualisation Stage Continued Conceptualisation Inputs to conceptualisation stage Influencing factors Stakeholder analysis Feasibility Risk Outputs from conceptualisation stage Risk Structured Approach
More informationRisks and uncertainties facing the business
Identifying and managing our risks The Board is responsible for the Group s system of risk management and internal control. Risk management is recognised as an integral part of the Group s activities.
More informationGlobal accounts of housing associations 2007
Global accounts of housing associations 2007 THE NATIONAL AFFORDABLE HOMES AGENCY March 2008 p1 Global accounts of housing associations 2007 Contents Introduction A B Executive summary Operating and financial
More informationBULWELL RIVERSIDE LIBRARY, MAIN STREET, BULWELL, NOTTINGHAM NG6 8QJ
NOTTINGHAM CITY HOMES LIMITED GOVERNING BOARD MEETING Date: THURSDAY 2 NOVEMBER 2016 Time: Place: 5.0 PM BULWELL RIVERSIDE LIBRARY, MAIN STREET, BULWELL, NOTTINGHAM NG6 8QJ Directors of the Board are requested
More informationResponding to austerity
UNDER EMBARGO UNTIL 00:01 TUESDAY 22 JULY 2014 Responding to austerity Nottinghamshire Police July 2014 HMIC 2014 ISBN: 978-1-78246-446-4 www.hmic.gov.uk Responding to austerity Nottinghamshire Police
More informationFinancial Literacy Mastery
Financial Literacy Mastery Presented by Eileen Iles Colette Wagner Crowe Horwath LLP Session Objectives Satisfy your NCUA financial literacy requirement by taking your knowledge of financial statements
More informationRISK MANAGEMENT FRAMEWORK
RISK MANAGEMENT FRAMEWORK Approving authority Approval date University Council 5 August 2013 (3/2013 meeting) Advisor Vice President (Corporate Services) vpcorporateservices@griffith.edu.au (07) 373 57343
More informationKing & Shaxson Group Pillar 3 Disclosures 2016
1. Introduction 1.1 Background The European Union Capital Requirements Directive ( CRD ) established a regulatory framework for capital adequacy across the European Union. CRD was replaced by the Capital
More informationApplying COSO s Enterprise Risk Management Integrated Framework
Applying COSO s Enterprise Risk Management Integrated Framework COSO COSO stands for the Committee Of Sponsoring Organizations of the Treadway Commission. The sponsoring organizations are: Institute of
More informationKidsafe NSW Risk Management Plan. August 2014
Kidsafe NSW Risk Management Plan August 2014 Document Control Document Approval Name & Position Signature Date Document Version Control Version Status Date Prepared By Comments Document Reviewers Name
More informationState of the Market Survey 2018 Local Authority Building Maintenance Service Briefing 18/30 August 2018
State of the Market Survey 2018 Local Authority Building Maintenance Service Briefing 18/30 August 2018 Association for Public Service Excellence 2 nd floor Washbrook House Lancastrian Office Centre Talbot
More informationRISK MANAGEMENT PROCEDURE GUIDANCE
RISK MANAGEMENT PROCEDURE GUIDANCE East and North Hertfordshire Clinical Commissioning Group Page 1 of 25 DOCUMENT CONTROL SHEET Document Owner: Director of Nursing and Quality Document Author(s): Company
More information2.2 For Board Members to approve the five high risks the Trust is facing:
HEREFORD HOSPITALS NHS TRUST PUBLIC BOARD MEETING 28 TH JANUARY 2011 COMPANY SECRETARY S REPORT NICOLA.LICENCE@HHTR.NHS.UK BOARD ASSURANCE FRAMEWORK 1.0 INTRODUCTION 1.1 The attached Board Assurance Framework
More informationThe PRINCE2 Practitioner Examination. Sample Paper TR. Answers and rationales
The PRINCE2 Practitioner Examination Sample Paper TR Answers and rationales For exam paper: EN_P2_PRAC_2017_SampleTR_QuestionBk_v1.0 Qu Correct Syll Rationale answer topic 1 A 1.1a a) Correct. PRINCE2
More informationCrown Agents Investment Management Limited. Pillar 3 Disclosures. December 2014
Crown Agents Investment Management Limited December 2014 Page 0 CONTENTS Introduction... 2 Corporate Governance... 3 Risk Appetite... 7 Capital Resource... 9 Capital Management... 10 Risk Categories...
More informationRISK MANAGEMENT STRATEGY Version 3
RISK MANAGEMENT STRATEGY Version 3 Risk Management Strategy V3 - March 2018 1 Standard Operating Procedure St Helens CCG Risk Management Strategy Version 3.0 Implementation Date September 2014 Review Date
More information