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
Existing procedures
adequate
2 Precept and / or
other income not
received
Council carries cash reserves 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
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.
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
Annual review confirms
existing arrangements
adequate.
No petty cash
Fidelity Guarantee is
£100,000
2 Theft / loss of and
damage to assets
Covered by comprehensive
insurance policy
Asset cover adequate.
Insurance cover
reviewed annually
3 Insolvency of
insurance company
Cover effected with a major
insurance company via scheme with
specialist broker for Parish Council
business
FRs require budget
and precept to be
finalised at Dec
meeting
4 Not receiving
sufficient / all
expected income
Budget review and forward financial
planning.
PL cover currently £12
million Level of
Precept demand submitted before
deadline
Internal Controls Cllr checks
quarterly that predictable income
(eg grants) have been applied for
and VAT has been reclaimed
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 9 May 2023
