Risk Management Policy Statement and Strategy

Risk Appetite

5.1 The Risk Management Framework will set out the process for the assessment of inherent and residual risk levels.

5.2 Risks will be assessed into the following levels:

Acceptable

Manageable

Serious

Severe

5.3 The Council will accept or tolerate risks with an inherent classification of “Acceptable”. This means such risks need no further action is necessary for such risks.

5.4 Risks with an inherent level of “Manageable” to “Severe” require risk managers to follow the Risk Management Framework in the management and reporting of risks.