Training item - Risk Management
Minutes:
The Risk Assurance Officer provided a presentation on Risk Management. He explained what risk management was and why the Council managed risk, including the benefits of risk management. He explained only the highest 10 – 15 priority risks in terms of those which were operational (day to day) or strategic, were monitored by Officers and how these were carried out; and Officers’ roles and responsibilities. The Risk Assurance Officer explained that Officers were trying to reduce insurances costs now that the Council had an Insurance Reserve by funding risks itself guided by claim trends. He explained that it was essential to ensure that the process remained robust.
In response to a query from Councillor R Deering regarding self insurance its impact on deductibles and savings which could be achieved, the Risk Assurance Officer explained that a lot of the Council’s equipment could be self funded but that a full actuarial review needed to take place. He explained that the Council paid out £280,000 insurance costs and that insurance costs were determined by its pay role and numbers of staff employed but that by going out to tender could be a way of achieving savings.
The Chairman thanked the Officer for the presentation. The Committee received the report.
RESOLVED – that the presentation be received.