Risk and opportunity management describes the planned and systematic approach used to identify, evaluate and manage the risks to and the opportunities for the achievement of objectives.
A risk is an uncertainty that will adversely affect the Council achieving its objectives. An opportunity is an uncertainty that will enhance the Council's ability to achieve its objectives.
Risk and opportunity management is about the proactive management of these uncertain events. By managing risks effectively the Council will be in a stronger position to deliver its ambitions. By managing opportunities and the risks that come with it, the Council is in a better position to improve services and provide better value for money.
Note: some documents linked below are PDF files - please see how to access PDF files.
The purpose of the risk and opportunity management framework is to define how risks and opportunities will be managed within the Council. It provides information on the processes, procedures, roles and responsibilities for risk and opportunity management. It sets the context in which risks and opportunities are managed, in terms of how they will be identified, evaluated, managed and reviewed.