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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. ./' 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. E_==- 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