Risk management seeks to identify, assess, and manage the impacts of credit risk, operational risk, and market risk on the business of city government.  Risks are mitigated by having policies in place to protect:

• Personnel
• Property
• Insurance
• Vehicles
• Volunteers

Risk management gives comfort to stakeholders (shareholders, customers, employees and so on) that the business is being effectively managed and helps the organization confirm its compliance with corporate governance requirements.

Risk Management is relevant to all organizations whether they are in the public or private sector, or whether they are large or small. It should form part of the culture of the organization, with an effective policy and program led by top management with clear responsibilities laid down for every manager and employee to be involved in the management of risk. It supports accountability, performance measurement and reward thus promoting efficiency at all levels.