The importance of funding for risk mitigation

As local councils and municipalities face an increasing array of risks, they need to be able to fund the tools and strategies needed for risk mitigation. This is especially true in light of limited budgets, increasing costs and ageing infrastructure.

Funding is one of the most critical components of any risk management program or strategy. It allows local governments to acquire the necessary resources that will allow them to effectively identify, manage and mitigate risks.

At CivicRisk Mutual, we believe in building a culture of resilience and collaboration that empowers each one of our members to rise to any challenge. A big part of that is providing the right tools and resources at hand to support your efforts.

Risk Enhancement Fund initiative

Each one of our members is eligible to receive funding grants of up to $20,000 per financial year to undertake risk management initiatives, enhance risk reporting, mitigate risks and claims, facilitate workshops and conduct training sessions.

Lane Cove Council enhances its risk mitigation of cybersecurity risks

To gain additional insight into how our members are utilising the funds available to them, we spoke to Stephen Golding, Governance and Risk Manager at Lane Cove Council.

Stephen noted that the council had utilised its annual funding grants for an array of initiatives including, the review of risks, registers and framework, the implementation of new risk management software and the provision of motor vehicle driver training sessions.

One of Lane Cove’s risk reviews focused on the emerging risk of cyber-attacks for councils — something which can impact large organisations both in terms of reputation and finance. In response to this situation, the Mutual’s funding grants have allowed Lane Cove Council to rapidly implement additional controls to help mitigate this risk.

And when asked about what they thought of their experience, Lane Cove Council were very positive about the process and the results. “The benefits are many. The funding benefited our council, but by sharing the outcomes of our initiative and having other members do the same, we also improved the Mutual’s standing in the insurance market at renewal time.”

A creative and proactive approach to risk management

Investing in cybersecurity initiatives is just one example of how our members have used the funding available for them. On other occasions, these grants have been used for:

• Asset management plans
• Business continuity plan reviews, training and testing
• Code of conduct training
• Contractor management
• Cyber risk assessments
• Delegation templates
• Driver safety training and workshops
• Risk assessments
• Risk reporting tools
• Strategic risk workshops

There’s no right way to use the grant funds, but we’re proud to see that our members are making the most of them. It’s inspiring to see the level of innovation and creativity our members have brought to their strategies, using the resources to face their unique set of risks.

If your council hasn’t applied yet, complete the Risk Enhance Funding Grant Application Form available on the Member Portal as soon as possible. That way, we can approve your funding and you can get started on your projects sooner. Together, we can continue to invest in community safety and resilience, and create a brighter future for all.