- Previously staff brought forward report CS-5-22 to Audit Committee on April 13, 2022 which outlined work that has occurred in the area of risk management over the last two years. This included the organization’s new governance frameworks, accountability model, new polices and processes and also presented our new tools we are using to put a risk lens to strategy. All to give you confidence in the work that you are receiving within this report. The purpose of bringing a risk focus to the organization is to:
- Modernize Risk Management – Build on what staff are already doing; Implement new processes, tools and templates; AND
- Evolve Risk Management. Protect the City – Protect our community, our staff and our assets; AND
- Make better decisions. Increase our Success – Build a risk aware culture; Support innovation; AND
- Embed at all levels of the organization.
- All of this important work ultimately benefits the community by having staff identify barriers and risks in providing customer centric services, meeting environmental targets and implementing various plans and initiatives. Putting a lens to risk in strategy will help our organization be more successful in achieving its objectives and to add value through this work by informing our decision making.
- As discussed in report CS-05-22, Scenario Analysis was determined to be the best tool as it enabled all staff involved, connected and accountable in delivering the outcomes of the strategic objectives to qualitatively describe what success looks like and to describe the outcomes associated with those strategic objectives. Throughout the process staff became excited, and by working through this process they are now better able to see how they contribute to the successful outcomes in the strategic plan. They see themselves in the plan, where many may have not before. They can now actively plan for what they need to do in the next 4 year Vision to Focus plan or within their own service business areas, in order to make progress toward the Vision 2040 end state. This work will enable us to be more successful and provide value to our colleagues, council and the community. As part of the process staff discussed what the threats, risks and what will stand in the way of achieving the successful scenario.
- Once the scenario analysis was complete and all possible risks were identified, it was important to assess the various risks and the impact they have on achieving our strategic goals. This analysis provides a way for staff to focus on the things that will have a larger or more detrimental impact on our ability to achieve the strategic directions or goals. Risks were then rated using a confidence of achievement rating scale from Very Low to Very High. Confidence of Achievement ratings use various combinations of confidence in relation to outcomes or timing. Each risk was given an initial rating based on the confidence of our ability to achieve our successful scenario or the strategic objective if the risk occurs. We then give a residual rating to the risks, which take into account the effect of the described responses.
- This report details the work staff have completed on risk in strategy to the City of Burlington’s Strategic Plan – Vision 2040. Strategic Direction 3 – A Healthy and Greener City contains many aspirational goals that have climate implications.
- In addition, one of the overarching risks identified by staff is the increasing impacts of climate change.
- Please see Appendix C for details.