Strategic Risk Management

Strategic risk is defined as the risk associated with future business plans and strategies, including plans for entering new business lines, expanding existing services through mergers and acquisitions, enhancing infrastructure, etc.

To mitigate strategic risk, management should have a strategic planning process that addresses its business goals and objectives.

The significant attention drawn to the sustainability of the local government sector is testimony to the
importance of providing a robust strategic management framework for councillors and management to apply in delivering the vital infrastructure and services their constituents require. Every council and
community is unique and therefore has its own set of community and corporate objectives to meet.
 

A fundamental component of a successful strategic management plan is its currency and agility. This means obtaining the most recent information to make sound decisions with continuous feedback loops and identifying where the council can act quickly to optimise its strategic position.

Thus, strategic management in the context of Local Government is defined as encompassing the continuous series of decisions and actions that are taken to achieve a community’s long-term vision and goals of its council corporation to create a sustainable community.

For more information please contact Paul Myers, Manager LGIS Risk Services on (08) 9483 8819 or paul.myers@jlta.com.au