Potential Risk Factors. The ISI operates a formal Risk Management policy and maintains a Risk Register. The ISI Risk Committee meet quarterly to review all risks. This ensures that risks are identified and assessed, and necessary mitigating actions are, where resources allow, put in place. Reflecting the key priorities of the organisation, the following potential risks were identified as the main areas that could negatively impact on the ISI in 2024: Risks Controls & Mitigating Actions Adequate staff resources ▪ We have maintained a close relationship with HR over 2023 including conducting monthly meetings and working to retain promoted staff where possible. As a result we had reduced our vacancy rate significantly over the year. ▪ However, this continues to be an issue across the Civil Service and we expect this risk to remain at an elevated level in the ISI throughout 2024. It is particularly critical for the ISI given elevated staff turnover levels over the past two years and a consequent loss of highly skilled staff, especially through promotion. ▪ We will continue to liaise closely with HR and have mitigated somewhat the impact of a loss in specialist staff through appropriate operational restructuring. GDPR ▪ The ISI has a high level of compliance to GDPR requirements and we have completed an extensive exercise to improve our policies, procedures and training in the area. ▪ However, our organisation manages a large volume of sensitive information and we therefore consider this to be one of our top risks.. ▪ We are prepared for an audit of our GDPR compliance scheduled for Quarter 2 of 2024 and will welcome any further recommendations that flow from that audit. ▪ A related risk revolves around an increasing number and complexity of DAR requests, particularly in our Bankruptcy division. Dealing with these requests can require significant resources and carry a risk of non-compliance with statutory delivery deadlines. We have recently delivered specialist training to staff to help us deal more efficiently with these requests. IT Infrastructure and security ▪ A cyber-attack risks exposure of confidential financial information of debtors and/or substantial disruption to regular ISI operation of insolvency arrangements and bankruptcies. The ISI is fully dependant on the security and resilience of the ICT hosting services of the DOJ IM&T team and continues to engage around adequate disaster recovery assurances. ▪ The ISI has also taken action locally to train staff to be aware of p...
Potential Risk Factors. The PSRA operates a formal Risk Management policy and maintains a Risk Register and, in accordance with the Department of Finance Guidelines, this is updated on an ongoing basis. The maintenance of the Register ensures that risks are identified and assessed and necessary mitigating actions are, where resources allow, put in place. Reflecting the key priorities of the organisation, the main potential risks to the achievement of targets set out in this Agreement at the time of writing are: • Continuity of online IT application system • Risk to the protections inherent in licensing system due to unlicensed operators • Number of/Large claim(s)on the Compensation Fund • Dependence of Authority on Justice IM & T: non-implementation by DoJ IM&T of internal audit recommendations • Inability to fulfil functions and statutory role due to the impact of Covid-19 • Unexpected expenditure arising from statutory role (for example Judicial Reviews and Legal Costs)
Potential Risk Factors. The Legal Services Regulatory Authority operates a formal Risk Management Strategy and maintains a Risk Register and, in accordance with the Department of Finance Guidelines, this is updated on an ongoing basis. The maintenance of the Register ensures that risks are identified and assessed and necessary mitigating actions are, where resources allow, put in place. The Authority has identified the following risks to be managed as part of the Risk Management Strategy:
Potential Risk Factors. The PSRA operates a formal Risk Management policy and maintains a Risk Register and, in accordance with the Department of Finance Guidelines, this is updated on an ongoing basis. The maintenance of the Register ensures that risks are identified and assessed and necessary mitigating actions are, where resources allow, put in place. Reflecting the key priorities of the organisation, the main potential risks to the achievement of targets set out in this Agreement at the time of writing are: Risk to the protections inherent in licensing system due to unlicensed operators Number of/Large claim(s)on the Compensation Fund Dependence of Authority on Justice IM & T Unexpected expenditure arising from statutory role (for example Judicial Reviews and Legal Costs) Continuity of IT infrastructure
Potential Risk Factors. The Courts Service operates a formal Risk Management policy and maintains a Corporate Risk Register which, in accordance with the Department of Public Expenditure and Reform Guidelines, is updated on an ongoing basis, most recently for the Courts Service Board meeting on the 1st June 2021. The identified key corporate strategic risks for the organisation along with their risk ratings and mitigating actions and where appropriate due dates in 2021 are as follows: Risk Category - Reform Actions Availability of expertise/resources to implement modernisation activities due to Business As Usual (BAU) and Covid-19 taking priority. (High) Appointment of two Principal Officer (PO) and two Assistant Principal Officer (AP) as modernisation workstream business leads end Q1 ‘21. A third PO & AP workstream lead to be appointed by end Q2 ‘21. Modernisation programme timelines being closely monitored – Qrtly ‘21 Lack of co-ordinated approach and buy-in to the Modernisation Programme from key partners / stakeholders resulting in delays in Regular updates to Courts Service Board, Modernisation Committee and Modernisation Programme Board. Qrtly ‘21 the delivery of modernisation activities. (Medium) Development of a comprehensive communications and stakeholders engagement strategy Q1 ‘21 Establish a user research and service design function Q3 ’21 Completion of the Target Operating Model, setting out how the Service will be structured to better meet the needs of users. Q2 ‘21 Delay in delivery of expected benefits realisation from the modernisation programme and VFM from our transformation partner. Medium Appointment of workstream leads and additional resources to support the modernisation programme – Q1 & Q2 ‘21 – Monitor progress and performance of the modernisation programme within the change governance framework. Monthly reporting to Modernisation Programme Board, quarterly reporting to Modernisation Committee of the Board and the Courts Service Board – Mthly / Qrtly ‘21 Absence of a single approach to change and change adoption impacting our capacity to delivery projects and take up of on-line services. Medium Develop a single enterprise approach to change (education & communication programme to be rolled out) – Q2 ‘21 Commence change awareness campaign for greater adoption of existing on- line applications and further resourcing of helpdesk support – Q2 ‘21 Risk category - ICT Actions Risk to the modernisation programme due to lack of modern techno...
Potential Risk Factors. As prescribed by the revised Code of Practice for the Governance of State Bodies, a risk management policy framework, overseen by the Audit and Risk Committee, was adopted by the Board and a formal Risk Management Committee, consisting of Senior Management, has been operational since 2009. The Risk Management Framework and Policy is regularly reviewed by both Committees. The monitoring of risk remains a standing item at Audit & Risk Committee meetings. The HFA is a financial business and the key risks associated with the business are essentially financial and treasury-related risk. The HFA carries out a comprehensive annual review of risks which is approved by the Board, and forms part of the HFA’s interest rate and reserves policy for subsequent years. The Board is informed on a quarterly basis of developments and corrective action, if required, is taken. Reflecting the key priorities of the organisation, the main potential risks to the achievement of targets set out in this Agreement at the time of writing are: Financial Risks The Audit and Risk Committee assesses material risks namely: • Treasury Risk o Funding, o Liquidity o Interest Rate Risk • Other Risks Treasury Risk The HFA has developed a risk management process which includes constant reviews of its loans and advances portfolio and an on-going review of treasury related risk, which allows it to manage these risks. Funding Risk The HFA raises funding with the support of a Guarantee from the Minister of Finance, largely through the NTMA, local authorities and international agencies such as the European Investment Bank and the Council of Europe Development Bank. Marginal funding is raised via the NTMA using the Guaranteed Note Programme under an agreed pricing arrangement as approved by the Board. Liquidity Risk Liquidity Risk is the risk that the HFA will encounter difficulty in meeting its obligations from its financial liabilities. The HFA currently meets its liquidity requirements using floating rate notes held by the National Treasury Management Agency and which the Minister of Finance guarantees. In managing liquidity risk, HFA management hold regular meetings with the NTMA, the Banks, AHBs and other market participants to assess future loan demand and funding requirements; agree access to funding sources; explore alternative funding sources and structures; negotiate terms and conditions and obtain the necessary funding commitments. Interest Rate Risk In the context of the HFA’s Balance Sheet...
Potential Risk Factors. The PSRA operates a formal Risk Management policy and maintains a Risk Register and, in accordance with the Department of Finance Guidelines, this is updated on an ongoing basis. The maintenance of the Register ensures that risks are identified and assessed and necessary mitigating actions are put in place. Reflecting the key priorities of the organisation, the main potential risks to the achievement of targets set out in this Agreement at the time of writing are: • Risk to the protections inherent in licensing system due to unlicensed operators. • Insolvency of the Compensation Fund. • Under performance of investment of the Compensation Fund. • Dependence of Authority on Department of Justice IM&T: non-implementation by Department of Justice IM&T of internal audit recommendations • Unexpected expenditure arising from statutory role (for example Judicial Reviews and Legal Costs) • Business continuity in light of current geo-political situation • Inadequate internal processes in place to address requirements of EU SI due to insufficient time provided for implementation of legislative changes • Unable to process licence applications from NI due to legislative gaps.
Potential Risk Factors. The Tribunal operates a formal Risk Management policy and maintains a Risk Register and, in accordance with the Department of Finance Guidelines, this is updated on an ongoing basis. The maintenance of the Register ensures that risks are identified and assessed and necessary mitigating actions are, where resources allow, put in place. Members of the Tribunal’s senior management team have participated and will be participating in risk management training provided by the Department of Justice. Reflecting the key priorities of the organisation, the main potential risks to the achievement of targets set out in this Agreement at the time of writing are:
Potential Risk Factors. The ISI operates a formal Risk Management policy and maintains a Risk Register and this is updated on an ongoing basis. The maintenance of the Register ensures that risks are identified and assessed and necessary mitigating actions are, where resources allow, put in place. Reflecting the key priorities of the organisation, the following potential risks were identified as the main areas that could negatively impact on the ISI in 2020: Risks Controls & Mitigants Delivery Of Project Phoenix • Project review to be completed. • Vision Blue on-boarded at request of ISI. • MOU agreement on project completion being progressed. • Project Board meeting more frequently and revised programme approved. • DOJE kept apprised of developments and aware of budget implications. • Additional staff reallocated for testing and training purposes. Funding of Bankruptcy Function given depleted Unclaimed Dividends Account • Budgetary implications review completed for 2020 • Provision made in ISI Budget for potential temporary 2020 requirement subject to DPER approval Long term funding proposal made to DOJE Business Continuity during Covid-19 Pandemic • Maximise access to remote working • Amend and enact Disaster Recovery Plan • Agree revised logistical arrangements with Stakeholders • Consider emergency legislation requirements.
Potential Risk Factors. The Legal Aid Board operates a formal Risk Management policy and maintains a Risk Register and, in accordance with the Department of Finance Guidelines, this is updated on an ongoing basis. The maintenance of the Register ensures that risks are identified and assessed and necessary mitigating actions are, where resources allow, put in place. Reflecting the key priorities of the organisation, the main potential risks to the achievement of targets set out in this Agreement at the time of writing relate to: the availability of sufficient legal resources (drawing on a combination of the Legal Aid Board’s employed solicitors and private solicitors who are members of the Board’s private practitioner panels and are available to take cases on referral from the Board), the Board’s financial commitments under the Abhaile Scheme remaining in line with expectations during 2020. A critical incident such as a breach of data security or internal financial control that would impact on the credibility of the organisation. COVID-19: The onset of the COVID-19 crisis and the Government’s guidelines to combat the spread of the disease have necessitated the Legal Aid Board to substantially change its working arrangements, with the primary additional risks in the context of COVID19 including risk to health of staff/others visiting Legal Aid Board offices, quality of service delivery and risk that the Board may be adversely affected financially. The Audit and Risk Committee, a committee of the statutory Board, will oversee the continued implementation of the risk management policy in the organisation. The Committee will do so taking account of the most recent revisions to the Code of Practice for the Governance of State Bodies.
