Item 4G AudioIntegrity
Innovation
Accountability
Proactive & Balanced
Commitment to
Excellence
Risk Management
Item No. 4G
Au orize the City Manager to enter into a
si es agree ebb
f#
t assessm es.
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Managing Risk
Integrity— • What is Meant by Risk?
Innovation
Accountability
Commitment to Why We Should Care — The C
Excellence Landscape
• Who Should Be Involved?
• Southlake's Plan - A Proactive &
Balanced Risk Assessment Process
A Definition of Risk
L�MI The possibility of suffering harm or loss; danger.
Integrity
Innovation • A factor, thing, element, or course involving uncertain
danger; a hazard: "the usual risks of the desert.
Accountability rattlesnakes, the heat, and lack of water" (Frank Clancy).
Commitment to
Excellence
• a. The danger or probability of loss to an insurer. b. The
amount that an insurance company stands to lose.
• a. The variability of returns from an investment. b. The
chaMVonpayme
• One considered with reft possibility of loss: a
poor risk.
d.
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Values
Well Defined 00iICI@S mittee
On -Going Training Risk Assessment
Independent Audit
7
Who Should Be
Involved?
Integrity -6 Everyone has a responsibility.
Innovation — All employees
Accountability
Commitment to — City Manager
Excellence
Teamwork — Mid -Management
— Department Heads
— City Council
0
•
•.
i i. . �•
Values
•
Entity -Wide Data
Analysis
High -Level Basic
Internal Audit Plan
Individual Assessments
(Random, Surprise Basis & On -Going)
Where Cash
Is Collected
Key
Processes/ Sensitive
Policies I Areas
Procedure
Central Cashier
Co is
T. ry Mgt TBD
Procu t Purch Cards
Utilities
Public Works
Contract Mgt Credit Cards
Pro erl Taxes T8E
Entity -Wide Risk Assessment
Integrity
Innovation
Accountability
Commitment to
Excellence
TeamworkQUESTIONS?
Call Sharen Jackson
(817) 748-8042