URL: https://democracy.runnymede.gov.uk/ieDecisionDetails.aspx?ID=881

Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Purpose:

Content: The Committee’s approval was sought for the Council’s Risk Appetite Statement for 2025, the first version of which was approved by the Council in December 2023. Members noted that the overarching risk appetite statement remained unchanged from 2024.   The Committee reviewed each of the existing 13 risk categories, their definitions, and the recommended risk appetite position.  Members agreed with the Officers’ conclusions for the risk appetite position for 2025, with the exception of the Property risk category.  For clarity, it was proposed to create a 14th risk category and definition for ‘Investment Holding’ risk, and for this risk category to have cautious risk appetite rather than having two separate definitions within the one risk category for Property.    In addition to this amendment, Members requested that the definition of Security risk category be updated to include the security risk for Members when fulfilling their civic duties.   With regard to the Commercial risk category, it was noted that the current ‘cautious’ rating could change in future years once the Procurement Act 2023 had been implemented and bedded in with the introduction of the new Competitive Flexible Procedure for above-threshold procurements.    In addition, Members were advised that contract management had been identified as an area for development and the rolling-out of the contract management framework was due to take place during 2025.   The Committee noted the policy framework, resource and legal implications and were content to recommend the risk appetite statement for 2025 accordingly.   Resolved that –   i)          the Council be recommended to approve an additional risk category of Investment Holdings Risks; and   ii)         the overarching Risk Appetite Statement for 2025, and supporting risk appetite statements for each risk category, as set out in Appendix B of the report be agreed for recommendation to full Council on 19 December 2024

Date of Decision: November 28, 2024