2022-09-12 General Committee Meeting Agenda

GENERAL COMMITTEE MEETING AGENDA                                          12 SEPTEMBER 2022


   7     ENTERPRISE RISK AND OPPORTUNITY MANAGEMENT POLICY

   Author            Governance Manager, Diana Stewart
                     Executive Services Department

   Index             ECM/ Subject / 27.48 Council Policies

   Attachments       1.    Enterprise Risk and Opportunity Management Policy

   EXECUTIVE SUMMARY
   Managing risk and opportunity is part of good leadership and governance and is fundamental
   to how Council is managed at all levels. A robust framework which involves both risk and
   opportunity provides greater scope for innovation and possibility. Equally, Council recognises
   that innovation involves risks, and if managed and understood it can provide opportunities to
   create new ways to benefit the community and achieve Council’s objectives.
   An important component of Council’s culture is that risks and opportunities are considered a
   part of normal business activity and that risks are managed consistently and systematically
   within a context of regulatory obligations, competing resources, financial and community
   priorities.
   Essentially, the intent of this Policy is to ensure Council adopts a systematic approach to the
   identification, management, mitigation and monitoring of risks and opportunities in alignment
   with this Policy, Council’s strategic objectives and the Australian Standard AS/NZS ISO
   3100.
   Overall improvements made to the Policy will ensure that Council continues to comply with
   the ISO Standard requirements, which in turn will strengthen Council’s enterprise risk and
   opportunity management framework.
   RECOMMENDATION
   That Council note the report by the Governance Manager to the General Committee Meeting
   dated 12 September 2022 and
   A.    Adopt the Enterprise Risk and Opportunity Management Policy provided at Attachment
         1; and
   B.    Authorise the Chief Executive Officer (CEO) to make minor amendments to the
         document prior to publication.

   REPORT
   1.    Background
   On 28 August 2014, Council adopted a Risk Management Policy, which forms a crucial part
   of Council’s enterprise risk management framework. In 2019, Council’s Internal Audit on Risk
   Management (“the Audit”) identified several areas of improvement for Council’s risk
   management approach. In particular, the Audit recommended that Council review its Risk
   Management Policy to further align to the ISO 31000-2018 Risk Management Guidelines
   (“the ISO Standard”).
   In response, this Policy has now been updated and extensively reviewed over a two-year
   period by Council’s Executive Team, various operational teams, elected members and the
   Audit and Risk Committee. In particular:
        Executive Team consultation and workshop on proposed improvements.
        Collaboration and Pilot testing with numerous operational teams against key projects
         and initiatives to ensure the Policy, Framework and associated tools are fit for purpose.

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