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RISK MANAGEMENT

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'Risk management is about making the right decisions and about achieving ... Piper Alpha. The Dome. BCCI. Lyme Bay. Marchioness. Kings Cross. Allerdale. Slide 8 ... – PowerPoint PPT presentation

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Title: RISK MANAGEMENT


1
RISK MANAGEMENT
  • Steve Haworth

2
Risk management
  • Risk management is about making the right
    decisions and about achieving objectives once
    those decisions have been made
  • If a Council doesnt have effective risk
    management then it doesnt have effective
    management
  • (S.O.L.A.C.E.)

3
This session ------
  • What is risk management?
  • Why bother?
  • How we audit risk management
  • Lessons from our work so far

4
Risk and risk management
  • Risk
  • The possibility of something happening which
    may have a (detrimental) impact on the
    achievement of an organisations objectives.
  • Risk management
  • The culture, processes and structures that are
    directed towards effective management of
    potential opportunities and threats to the
    organisation achieving its objectives.

5
Risk management effective management
  • Not rocket science
  • Needs to be embedded in philosophy, business
    plans and practices
  • Should not be seen as a separate initiative
  • Everybodys business
  • 75 of risks cannot be insured against- so, its
    not just about insurable risks ----

6
Risk management is a key player
7
Risk Management - a systematic approach
8
Lest we forget ----
Allerdale
Foot mouth
Hillsborough
Barings
BCCI
Marchioness
Lyme Bay
The Dome
Kings Cross
Piper Alpha
9
Risk management in the public sector
  • NHS already have to do it
  • In Local Government
  • guidance from CIPFA/ Audit Commission
  • part of Corporate Governance requirements

10
Corporate Governance requirements
  • Establish and maintain a systematic strategy
    framework for identifying, controlling and
    managing risks
  • Make public statements to stakeholders on the
    risk management strategy and framework
  • Ensure continuous monitoring and effectiveness of
    compliance with risk management strategy

11
The benefits of good risk management
  • Get it right first time
  • Helps deliver Best Value effective Corporate
    Governance
  • Identifies what needs to be done (not done) to
    achieve objectives
  • Better outcomes
  • Reduces risk related costs
  • Protects reputation

12
Risk management and Best Value
  • Functions with similar objectives
  • based on principles of improving outcomes
  • requires incorporation into all areas of business
  • everyone is involved
  • Best Value reviews
  • stand alone reviews of risk management
  • incorporation of principles into reviews

13
Our approach
  • Review of risk management arrangements
  • Interviews
  • Documents
  • ALARM survey
  • Facilitated workshops
  • risk identification
  • awareness raising integration

14
Survey headlines
  • Risk Management embedded at only 1/3 of
    authorities
  • 75 of members unaware of risk implications of
    decisions made
  • Half of authorities have a strategy
  • Claims hot spots
  • highways
  • work related stress

15
Issues from our reviews
  • Scope for more
  • Explicit systematic approach
  • consistency
  • co-ordination
  • strategic focus

16
Risk management - success factors
  • Management team commitment and leadership
  • High level group to co-ordinate RM activities
    agree corporate risk profile
  • Involve the right people within existing
    management processes
  • Follow consistent approach to risk management
    cycle
  • Emphasise that risk taking is as important as
    risk avoidance

17
In summary ----
  • Risk management is everyone's responsibility
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