February 2006
1. Risk Management
Balancing risk and the advantages of risk-taking is part of life, and therefore part of the operation and management of every organisation. It is rarely possible to eliminate risk entirely and the cost of applying all the controls needed to do so is neither recommended nor does it achieve value for money. Risk management is concerned with the best way to mimimise risk at the same time as delivering value for money services.
Risk management is defined as the process by which risks are identified, evaluated and controlled.
2. Policy
It is LBWF policy to identify, reduce or eliminate risks to its business, staff and stakeholders, to minimise and contain the costs and consequences in the event of harmful or damaging incidents arising from those risks.
This policy applies whether the service is delivered in-house, through partnership arrangements or contracted out. The responsibility for risk management, therefore, lies with the provider of the service.
The Council is committed to implementing best practice by embedding risk management into its daily operations, from the setting of objectives and targets through to service delivery processes.
3. Objectives
The objectives of the risk management policy are:
- To protect the Authority’s reputation and assets;
- To preserve and enhance service delivery and the Council’s financial position;
- To identify and take advantage of available opportunities to improve service delivery and/or the Council’s financial position;
- To maximise the Council’s ability to deliver its commitments to stakeholders and to demonstrate transparency, accountability and equity in its efforts to do so;
- To anticipate and respond positively to changing social, environmental and legislative requirements; and
- To safeguard clients, Members, employees and all other persons to whom the Council has a duty of care.
Sue Wright, Acting Chief Finance Officer
Telephone: 020 8496 4260
Email: sue.wright@walthamforest.gov.uk
