Risk Management

Risk Management is an important part of the Council's Corporate Governance arrangements and there is a statutory responsibility under the Account and Audit Regulations (2015) to put in place risk management arrangements.

At Mid Devon District Council, risk management is defined as:

"The planned and systematic approach to identify, evaluate and manage the risks to, and opportunities for, the achievement of objectives."

Risk Management Policy

Mid Devon District Council's Risk Management Policy details the Council's framework for managing risk. The purpose of the Policy is to embed risk management at the Council by creating a risk management framework, which provides:

• An efficient control environment
• Accountability for risk management throughout the organisation
• A culture where officers and Members are able to be more creative and innovative in taking opportunities that benefit the Council and the District provided there is a clear analysis of the risks and justification for the decision
• A well-established risk assessment process which ensures that risks are considered and managed as part of the decision making process
• Performance monitoring of risk management activity 
• Communications process to support risk management 
• A well-made opinion for the Annual Governance Statement which comments on the adequacy of the Council's risk management arrangements

The Risk Management Policy is approved annually by Audit Committee in March.

Risk Management Process

The Council's Risk Management Process has six stages:

1. Establish the context and scope
2. Risk identification
3. Risk analysis
4. Risk evaluation
5. Risk treatment
6. Monitoring and Review 

Underpinning each stage of the process is communication and consultation with interested parties. 

Audit Committee

The Audit Committee approve the Risk Management Strategy on an annual basis, receive quarterly update reports on the corporate risk register and provide independent assurance of the Council's Risk Management arrangements. The most recent risk management reports can be found in the 'Downloads' section of this page.