Risk Register

Shenstone Parish Council – Financial Risk Assessment at 14th Sept 2021

Approved & adopted at Full Council meeting 14th Sept 2021

Service Area

Risk

Action/Mitigation

Insurance Property Damage Property cover, for year ending 24th June
2022 is adequate.
Parish property assets hold individual policies
Money Existing cover for year ending 24th June
2022 is adequate.
Business interruption Not covered, but not required.
Employers’ Liability claim Existing cover for year ending 24th June
2022 of £10,000,000 is adequate.
Public and products liability claim Existing cover for year ending 24th June
2022 of £10,000,000 is adequate.
Fidelity Guarantee
Existing cover for year ending 24th June
2022 of £250,000,000 is adequate.
Libel and Slander Existing cover for year ending 24th June
2022 of £500,000 is adequate.
Officials Indemnity Existing cover for year ending 24th June
2022 of £10,000 is adequate.
Personal Accident. Existing cover for year ending 24th June
2022 of £50,000 is adequate.
Legal Expenses Existing cover for year ending 24th June
2022 of £100,000 is adequate.
Accounts Annual precept too high/too low or not the Continue current system with detailed budget
result of detailed consideration. based on past year and current year accounts.
Inadequate monitoring of Full list of accounts to date presented to each
income/expenditure against budget 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 presented each month.
Non-standard and/or non-compliant Follow Financial Regulations as adopted by
records kept Council. Accept advice from Clerk/RFO and
Internal and External auditors.
Non-compliance with statutory Continue to ensure that all accounts and
requirements for completion/ approval/ returns are completed and submitted by the
submission of accounts and other financial deadlines.
returns.

Service Area

Risk

Action/Mitigation

Non-compliance with internal audit Appoint competent internal auditor.
requirements.
Loss of computer-based accounting records Records backed up off site (cloud based).
Staff Loss of key personnel through ill health or Council could cover short-term absence while
leaving 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 Loss of title deeds All land ownerships have registered title so
ownerships replacements available
Council owned Accident arising from unsafe areas, Regular inspections for any risks.
land diseased trees, etc. and resultant public
liability claim
Contractors
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