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In business, each decision involves looking at the upside and the down. Success comes from finding the right balance between opportunity and risk. Management of Risk takes a Best Practice approach to risk management and helps to assess your opportunities systematically. It explicitly sets out to help you reach your goals consistently through first analysing and then managing the potential hazards along the way.
The following recommendations are taken from
the “Towards
a National Strategy for Local Government Procurement”
document produced by the Office of the Deputy
Prime minister (ODPM).
Recommendation:
Each local authority should develop a corporate strategy for managing risk which recognises the trade-off between risk and reward. That strategy should be applied to individual procurement decisions.
Risk management is a central plank
of corporate governance and as such will be
considered as part of the CPA process. It
is critical that the corporate framework includes
appropriate risk management disciplines at
the programme and project levels. As mentioned
under Recommendation 25, best practice risk
management routines should be built into the
council’s project management procedures.
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