Shenstone Parish Council – Financial Risk Assessment on 1st July 2024
Approved & adopted at Full Council meeting 9th July 2024
| Service Area | Risk | Action/Mitigation |
| Insurance | Property Damage | Property cover, for year ending 31st March 2025 is adequate. Parish property assets hold individual policies |
| Money | Existing cover for year ending 31st March 2025 is adequate | |
| Business interruption | Not covered, but not required. | |
| Employers’ Liability claim | Existing cover for year ending 31st March 2025 of £10,000,000 is adequate. | |
| Public and products liability claim | Existing cover for year ending 31st March2025 of £10,000,000 is adequate. | |
| Fidelity Guarantee | Existing cover for year ending 31st March 2025 of £250,000,000 is adequate. | |
| Libel and Slander | Existing cover for year ending 31st March 2025 of £500,000 is adequate. | |
| Officials Indemnity | Existing cover for year ending 31st March 2025 of £10,000 is adequate. | |
| Personal Accident. | Existing cover for year ending 31st March 2025 of £50,000 is adequate. | |
| Legal Expenses | Existing cover for year ending 31st March 2025 of £100,000 is adequate. | |
| Accounts | Annual precept too high/too low or not the result of detailed consideration. | Continue current system with detailed budget based on past year and current year accounts. |
| Inadequate monitoring of income/expenditure against budget | Full list of accounts to date presented to each monthly council. | |
| Unlawful expenditure | Follow NALC Model Financial Regulations as adopted by Council & duly minuted. Follow advice of Clerk/RFO that all expenditure is within legal powers. | |
| Unauthorised expenditure | Report all payments to Council for approval (even if already paid) Bank transfers authorised within Financial Regulations and checked against reconciled statements. | |
| Accounts not reconciled | Bank reconciliation completed each month. | |
| Non-standard and/or non-compliant records kept | Follow Financial Regulations as adopted by Council. Accept advice from Clerk/RFO and internal and external auditors. | |
| Non-compliance with statutory requirements for completion/ approval/submission of accounts and other financial returns. | Continue to ensure that all accounts and returns are completed and submitted by the deadlines |
| Non-compliance with internal audit requirements. | Appoint competent internal auditor. | |
| Loss of computer-based accounting records. | Records backed up off site (cloud based). | |
| Staff | Loss of key personnel through ill health or leaving | Council could cover short-term absence while replacement found. Immediately advertise any vacancy. Appoint locum clerk if necessary. |
| Administration | Inadequate access to advice | Continue memberships of SPCA/NALC. Pay clerk’s membership of SLCC if requested. |
| Loss of computer-based records | Records backed up off site (Cloud) | |
| Loss of hard document records | Photocopies to be stored off-site for key records. | |
| Property ownerships | Loss of title deeds | All land ownerships have registered title so replacements available |
| Council owned land | Accident arising from unsafe areas, diseased trees, etc. and resultant public liability claim | Regular inspections for any risks. |
| Contactors | Activities of uninsured contractor could give rise to public liability claim. Unsafe working practices by a contractor appointed by the council | Council to check on contractors’ indemnity insurance and working practices |
