Reviewed & Adopted 04/12/2017
Risk Status Indications
The adopted risk management methodology uses a traffic light colour against each risk item to confirm its current status.
The colour coding is defined as follows:
Mission Statement of Gainsborough Town Council:
To provide services for, and manage and maintain the assets of, the town of Gainsborough, within the resources provided by the annual precept and other
incomes, taking into account the wishes of the residents and obtaining value for money
 | This identified risk is being effectively managed with adequate reviews, processes and/or documentation as appropriate. |
 | As applicable, either This identified risk is being managed. However, there are aspects of risk management, which ought to be improved to achieve a green status. It is recognised that sometimes improvements may be difficult to achieve and remedial work may take time (e.g. a need for Councillor training). or This identified risk is not under adequate management. However, if this risk arises, it will have a minimal impact upon the Council. Whilst attempts can be made over time to improve the management of this risk, there may be occasions where the cost of mitigation is not warranted (e.g. holding spare parts or equipment). |
 | This identified risk, which has a serious potential impact upon the Council is not under adequate management. This represents a key risk, which will be highlighted to meetings of the Council until such time that it is adequately managed or mitigated. Certain key risks with a low probability may be entirely beyond the management control capability of the Council – such risks may retain a red status upon the agreement of Council. |