Everyone is a risk manager Risk & Opportunity Management.

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Presentation transcript:

Everyone is a risk manager Risk & Opportunity Management

Everyone is a risk manager Risk Management Components C. Maintenance of Corporate Risk Register G. Decision Making RISK & OPPORTUNITY MANAGEMENT STRATEGY F. Partnership Risk Management D. Reporting on Risk Management (Assurance) E. Project Risk Management B. Service Risk Registers A. Risk Management Training & Guidance

Everyone is a risk manager

Team Risk Registers

Everyone is a risk manager Service Risk Registers

Everyone is a risk manager Corporate Risk Register

Everyone is a risk manager The Risk Register Template This is the first time we have fundamentally reviewed the risk register template based on feedback from users :

Everyone is a risk manager Key Changes – The Template  A revised weighted 5×5 risk matrix with simpler likelihood & impact definitions that produces easier to understand scores  The use of dropdown menus to make input easier as well as contextual help and where appropriate, data validation  Improved presentation of the register including a ‘Top 10’

Everyone is a risk manager Key Changes – The Risk Assessment Methodology  It uses current mitigated risk assessment (i.e. assessing the likelihood and impact of the defined risk based on actions implemented to date (completed or on-target).  Pre / post mitigation risk assessment is not assessed / recorded.

Everyone is a risk manager Likelihood & Impact ScaleLikelihoodScaleImpact Negligible 1 Not Expected to Happen (<1%) Negligible 1 Negligible impact on Service/Project Delivery Low 2 Could Happen (2 – 20%) Small 2 Small impact on Service/Project Delivery Medium 3 Quite Often Occurs (21% - 49%) Medium 3 Medium impact on Service/Project Delivery which may result in not meeting objectives High More Than Even Chance (50% - 95%) High 4 Severe threat to Service/Project Delivery which may result in not meeting objectives Very High Critical- almost certain (96%-100%) Critical 5 Disastrous with Objectives not being Met

Everyone is a risk manager Impact CostTimeQuality NegligibleVariations manageable by virement against internal budget headings Slight slippage against internal targets Slight reduction in quality/scope with no overall impact on usability/standards LowRequires some additional funding from Service Slight slippage against key milestones or published targets Failure to include certain 'nice to have' elements or 'bells and whistles' promised to stakeholders MediumRequires significant additional funding from Service/Council Delay affects key stakeholders and causes loss of confidence in the project Significant elements of scope or functionality will be unavailable HighRequires significant reallocation of Council funds (or borrowing) to meet objectives Failure to meet key deadlines in relation to the financial year or strategic plan Failure to meet the needs of a large proportion of stakeholders CriticalIncreases threaten viability of Service Delay jeopardises viability of Service Service outcomes effectively unusable

Everyone is a risk manager Key Changes – Action Planning  It allows improved action planning that, whilst removing the detailed plans from the register, ensures there are robust monitoring arrangements in place.

Everyone is a risk manager Key Changes – Reporting  Improved presentation of the register including a ‘Top 10’ Risk report and the ability to tailor presentation by hiding columns  The introduction of risk categorisation and risk score tracking allowing us to examine risk trends in more detail  The introduction of graphical reporting that can be used to report on the contents of the register

Everyone is a risk manager Key Changes– The Future

Everyone is a risk manager Questions?