Unique IDAY-0083DescriptionThe business of ensuring that risks faced by the Council (such as risks to property and equipment by fire, theft etc) are identified and mitigated. The City Council was already taking out insurance policies and requiring cover for it's tenants by 1914.
The City’s Insurance and Risk Management unit was formed in 2002 with one manager and one claims investigator, in addition to an outsourced broker and claims management function. In 2004 the claims management function was brought in house with the employment of one claims officer. In March 2006 the CEO approved a project to implement Enterprise Risk Management (ERM) into the City following statements by the NSW Auditor General that ERM was to be a Corporate Governance priority for Local Government, the addition of ERM into the Australian Stock Exchange Guidelines and premium savings being offered by the insurance market for clients with ERM. In April 2010 the Risk Management and Insurance functions separated due to the growth and increased complexity of ERM. Two additional staff were then engaged to handle ERM, and two additional staff added to Internal Audit to create a new Risk and Assurance Unit.