Optimism bias is a common problem that threatens local government’s financial sustainability. Risk assessments need to be credible, transparent and thoroughly stress tested, says CIPFA’s Jo Pitt.
Effective risk management drives good decision making, but there should be a greater focus on the quality of discussions than the quality of documents, says audit manager Gurpreet Dulay.
The role of local government is changing. Commercialisation is now a necessary response to funding cuts and a new freedom to take risks, says Zurich’s Andrew Jepp
Less than half of risk professionals in public sector organisations have said there is not enough risk awareness when managing commercial projects, research has suggested.
CIPFA has called for public bodies to be exempt from insurance premium tax (IPT) in order to cushion the blow of a change in the discount rate applied to personal injury payments.
Public sector finances will be hit by a dramatic upcoming change to the discount rate applied to personal injury payments, a leading insurer has warned.
