Thursday 03 May 2012
The Public Accounts Committee (the Committee) today releases a report into Risk Management and Insurance in the States of Guernsey (the States), following a review undertaken by Deloitte LLP on behalf of the Committee in the latter part of 2011 and early part of 2012.
This review was a follow up to the NAO report of 2006 and the Committee's report of 2007 on the same subject.
Whilst the current review found that the majority of the 2006 NAO recommendations for Insurance had been adopted, there has been minimal adoption of the recommendations relating to Risk Management throughout the States'.
All States Departments and Committees are mandated to "be accountable to the States for the management and safeguarding of public funds and other resources entrusted to the Department/Committee". The Committee believes that an over arching corporate Risk Management Framework and Policy should be the cornerstone of procedures to assist adherence to those mandates and help fulfil previous recommendations in this regard.
As this Committee is also mandated to "develop, present to the States as appropriate, and implement policies which contribute to the achievement of strategic and corporate objectives", the outgoing Members have decided to recommend to its successor, the facilitation of the development and implementation of such a Framework and Policy for the States of Guernsey.
It is anticipated that this implementation will be completed in a swift manner and by the first quarter of 2013, the Committee will be able to report back to the States of Deliberation on the improvements that have taken place.
A spokesperson for the Committee said:
"The principle of Risk Management in corporate governance is that a risk and control structure should be embedded into any organisation and consistently monitored and reviewed by management. The Committee believes that by taking this positive initiative, it can ensure that a solid and more secure foundation is laid for the future of the States of Guernsey."
Ends
Contact information:
Julie Brown
Tel: 01481 717127
E-mail: jules.brown@gov.gg
