2022-09-12 General Committee Meeting Agenda

GENERAL COMMITTEE MEETING AGENDA   12 SEPTEMBER 2022




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GENERAL COMMITTEE MEETING AGENDA                                                            12 SEPTEMBER 2022

              COUNCIL POLICY — ENTERPRISE RISK & OPPORTUNITY MANAGEMENT

                  e  identify individuals who have the accountability and authority to manage risks (risk owners),
                     where appropriate;
                  e  integrate risk and opportunities in a targeted way across the organisation; and
                  e  build a transparent and dynamic risk and opportunity culture and generally champion risk
                     management within Council.

              Employees:
                  e  adhere to the Enterprise Risk and Opportunity Management Policy;
                  e  maintain an awareness of their operational environment as well as current and potential risks
                     and opportunities, particularly in their area of expertise and industry;
                  e  identify new and emerging risks and apply the risk and opportunity management process in
                     their area of work, including regular review, ownership, monitoring, escalation and reporting;
                  e  if an employee is identified as a risk owner, then they are required to manage and monitor
                     the risk.

              Governance Branch:
                  e  periodically review the Enterprise Risk and Opportunity Management Policy and the EROMF;
                  e  provide periodic updates to the Audit and Risk Committee regarding Council's strategic risks
                     and the risk management function; and
                  e  educate employees on the application of the Policy and associated Framework, tools and
                     templates.

              KEY TERMS

               Risk                 The effect of uncertainty on objectives.
               Risk appetite        The amount of risk exposure, or potential adverse impact that Council is
                                    willing to accept, tolerate, or be exposed to at any point in time in pursuit of
                                    its strategic objectives.
               Risk criteria        The terms of reference against which the significance of a risk is evaluated.
               Risk culture         Refers to the behaviours that lead to how employees think about and manage
                                    risk.
               Risk management Coordinated activities to direct and control Council's practices with regard to
                                    risk.
               Risk management The foundations and arrangements for designing, implementing, monitoring,
               framework            reviewing, integrating and continually improving risk management.
               Risk management A statement of the overall intentions and direction of Council related to risk
               policy               management.
               Risk management The systematic application of management policies,             procedures and
               process              practices to the tasks of communicating, establishing the context, identifying,
                                    analysing, evaluating, treating, monitoring and reviewing risk.

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