The document outlines various financial and operational risks faced by New Hutton Parish Council and the management strategies for those risks. Key risks include the adequacy of financial reserves, loss of reserves due to fraud, loss of assets or amenities, and loss of computerized records. These risks are managed through strategies such as clear audit trails for expenditures, regular backups of files, annual maintenance checks of assets, and liability insurance. Council members and staff are tasked with actions like reviewing accounts and insurance coverage, maintaining records and diaries, and ensuring compliance with transparency regulations.
The document outlines various financial and operational risks faced by New Hutton Parish Council and the management strategies for those risks. Key risks include the adequacy of financial reserves, loss of reserves due to fraud, loss of assets or amenities, and loss of computerized records. These risks are managed through strategies such as clear audit trails for expenditures, regular backups of files, annual maintenance checks of assets, and liability insurance. Council members and staff are tasked with actions like reviewing accounts and insurance coverage, maintaining records and diaries, and ensuring compliance with transparency regulations.
The document outlines various financial and operational risks faced by New Hutton Parish Council and the management strategies for those risks. Key risks include the adequacy of financial reserves, loss of reserves due to fraud, loss of assets or amenities, and loss of computerized records. These risks are managed through strategies such as clear audit trails for expenditures, regular backups of files, annual maintenance checks of assets, and liability insurance. Council members and staff are tasked with actions like reviewing accounts and insurance coverage, maintaining records and diaries, and ensuring compliance with transparency regulations.
Financial Control, Risk Assessment and Management New Hutton Parish Council
Topic Risk identified Management of risk Staff action
Financial reserves Adequacy Consider at review of final accounts and at budget setting Clerk and PC members Loss of reserves Fraud Clear audit trail: invoice or receipt; all expenditure minuted; two PC signatories; clerk signatures on cheques by parish councillors. There is no petty cash system. th Loss - general Consequential loss due to damage or Review adequacy of insurance cover before the 13 October premium is Diary third party performance due Maintenance of Reduced value of assets or Annual maintenance check of the bus shelter, notice boards, road gritter, Diary assets amenities and their performance parish field, millennium statue and miscellaneous equipment used for broadband installation Financial and Inadequate records; inability to Financial records seen regularly at PC meetings and in annual internal Clerk and PC members administrative access the parish e-mail system audit; PC members and website manager know the password for the records parish e-mail system Financial and Loss of computerised records Files backed up each month Clerk administrative records Minutes Accuracy and legality Review at the following meeting Clerk and PC members Members’ interests Conflict of interest Members’ declarations of interest are filed and taken to each meeting; Clerk any conflict to be addressed as appropriate according to the standing orders Precept Adequacy Consider at review of final accounts and at budget setting Clerk and PC members Precept Not submitted To be determined at the budget setting meeting and minuted Clerk and PC members Grants – section 137 Fraud by recipient Require proof of expenditure on the agreed item Clerk Grants obtained by Receipt of grant when due Clerk to check as required Diary the PC Bus shelter Collapse Annual maintenance check; public liability insurance Clerk and PC members Parish field Minor accidents eg tripping Public liability insurance Clerk and PC members Road gritter Damage during use and storage Explore finance for a replacement gritter PC members Millennium statue None Public liability insurance Clerk and PC members Three notice boards None Public liability insurance Clerk and PC members Transparency Breach of Government regulations In line with Government regulations, all agendas, papers, minutes and Clerk and website manager end-of-year accounts are published on the parish website. It also shows the annual governance statement, the internal audit report, a list of councillors’ responsibilities and the location of public land.