CHIPPING WARDEN & EDGCOTE PARISH COUNCIL
FINANCIAL AND MANAGEMENT RISK ASSESSMENT
Risk assessment is a systematic general examination of business activities and operations (including working conditions) that will enable the Council to identify any and all potential risks inherent in those activities and operations
| BUSINESS CONTINUITY | |||
| 1 | Risk of Council not being able to continue its business due to an unexpected or tragic circumstance | Clerk works from home. Short term absence of Clerk is covered by Councillors. Loss or long term incapacity of Clerk would be covered by Councillors and / or appointment of a Locum
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Existing procedures adequate |
| 2 | Precept and / or other income not received | Council carries cash reserves
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Existing procedures adequate |
| 3 | Loss of documents and / or data | Clerk works from home. No significant important documents (eg titles etc); other documents (eg leases etc) are duplicated elsewhere. Electronic data is held in at least two places (memory sticks, external hard drive, laptop and dedicated parish laptop
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Existing procedures adequate |
| 4 | Meeting venue not available | Village Hall is regular venue for meeting, in exceptional circumstances, the Church or the School could be utilised.
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Existing procedures adequate |
| FINANCIAL | |||
| 1 | Theft / loss of money through incorrect payment(s) being made | Financial Regs and Internal Controls procedures in place. Additionally; · all financial receipts, invoices, spreadsheets etc are available at every Council meeting for scrutiny by 2 cheque signatories · Internal Controls Cllr checks quarterly · Fidelity Guarantee in place
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Annual review confirms existing arrangements adequate.
No petty cash
Fidelity Guarantee is £100,000 |
| 2 | Theft / loss of and damage to assets
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Covered by comprehensive insurance policy | Asset cover adequate. Insurance cover reviewed annually |
| 3 | Insolvency of insurance company
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Cover effected with a major insurance company via scheme with specialist broker for Parish Council business
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FRs require budget and precept to be finalised at Dec meeting |
| 4 | Not receiving sufficient / all expected income | Budget review and forward financial planning.
Precept demand submitted before deadline Internal Controls Cllr checks quarterly that predictable income (eg grants) have been applied for and VAT has been reclaimed |
PL cover currently £12 million Level of insurance cover is reviewed annually |
| LEGAL | |||
| 1 | Legal liability as a consequence of asset ownership. Damage to 3rd party property or individuals | Covered by Public Liability insurance. No premises owned or rented; playing field is owned. Play equipment and low risk street furniture – bus shelter, benches etc – in public areas that receive weekly inspection by Clerk and Councillors. Play equipment inspected annually by Registered Play Inspector. All street lights are currently under review with competent contractor | Under constant review due to new Activity Park |
| 2 | Personal accident to members and staff. Assault to staff | Where the Council undertakes activities and has assets that pose a risk to staff, Councillors or 3rd parties; there is a formal health and safety RA in place. Clerk works from home; no cash is handled. Covered by personal accident and Employers Liability insurance. | Separate Health and Safety RA prepared and reviewed annually |
| 3 | Inappropriate use of powers; breaking the law | Membership of Northants CALC provides access to current and up to date advice if necessary. Cllrs attend initial briefing and formal training on being elected. | |
Adopted by the Council 10 May 2022