Contents
Report 8 of the 16 December 2010 meeting of the Finance and Resources Committee, provides a detailed assessment of key financial risks which members are asked to note.
Warning: This is archived material and may be out of date. The Metropolitan Police Authority has been replaced by the Mayor's Office for Policing and Crime (MOPC).
See the MOPC website for further information.
Financial risk management
Report: 8
Date: 16 December 2010
By: Treasurer
Summary
The attached report provides a detailed assessment of key financial risks which members are asked to note.
A. Recommendations
That members consider and comment on the financial risk assessment.
B. Supporting information
1. The Corporate Governance Committee considered the MPA risk register at its meeting held on 2 December 2010. The risk register included a detailed assessment of the key financial risks and it was agreed that this detailed assessment appended at Appendix 1 should also be shared with Finance and Resources Committee. Members are in particular asked to note the financial risks with regard reserves and the medium term financial forecast.
2. The financial risk assessment is intended to ensure effective management of the budget, so that the Authority are in a position to respond appropriately to the economic climate and budget pressures maximising the resources available to policing.
3. The financial risk assessment will continue to be updated on a regular basis, with updates being reported to both the Corporate Governance Committee as part of the overall risk management update and to the Finance and Resources Committee. In addition an assessment of financial risks is undertaken as part of the annual budget submission cycle and will be reported to members as part of the budget and business plan.
C. Other organisational and community implications
Equalities and Diversity Impact
Equality and diversity risks are integrated and evaluated as part of the overall assessment of key risks.
Consideration of Met Forward
Risk assessment forms an integral part of the performance management framework established for the delivery of Met Forward. Any financial risk to the delivery of the strands of Met Forward will be included in the detailed assessment of risks.
Financial Implications
As set out in the report and appendix 1.
Environmental Implications
There are no direct legal implications arising from this report.
D. Background papers
None
E. Contact details
Report authors: Annabel Adams – Deputy Treasurer, MPA
For more information contact:
MPA general: 020 7202 0202
Media enquiries: 020 7202 0217/18
Supporting material
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