Risk Management and Insurance Services Loss Reduction Fund – Terms and Conditions 2013/2014
The Risk Management and Insurance Services Loss Reduction Fund provides business managers with the encouragement to raise the level of risk awareness within their areas of responsibility by formally identifying risks and proposals for action to manage and/or reduce the risks present in their establishment.
The fund provides the opportunity to apply for financial support and creates an incentive for loss control, without adversely affecting their tight budgets.
This investment in risk management measures should lead to a reduction in insured and uninsured losses eventually leading to lower costs, including insurance premiums, thus giving business managers a vested interest.
Specific Criteria
For funding to be provided, the following criteria must be met :-
- The proposal has a definite Risk Management and/or Insurance benefit.
- The initiative/project must be a one-off, non-recurring expense. It should not cover normal maintenance or ‘business as usual’ tasks, nor should it cover normal costs of demolition of premises no longer required.
- There should beno existing budget from which the initiative can be funded or there is an existing budget but it is inadequate and matched funding is required (bids will normally require some funding from the Division, possibly on a ‘pound for pound’ matched basis but flexibility will be allowed in the current climate).
4. The application form must be fully completed and returned to Risk Management and Insurance Services.
5. The application must meet the overall objectives of the Council’s Risk Management Strategy, and will usually be made in response to risks that are identified in the Divisional or Heads of Service Operational Risk Registers (evidence may be sought).
6. Risk Management and Insurance Services must be satisfied that alternative sources of funding for the initiative have been investigated.
7. A maximum of £15,000 will be contributed by the Risk Management and Insurance Services Loss Reduction Fund towards the initiative/project. In exceptional circumstances this may be increased for initiatives that can clearly demonstrate a corporate benefit. In these circumstances the approval of the Chief Finance Officer and Chief Operating Officer will be sought by the Head of Internal Audit and Risk Management.
8.Once approved, successful bids should be drawn down from the fund within 6 months. After this time the bid will lapse and a new application will have to be made.
9. A short report must be produced for Risk Management and Insurance Services on the success or otherwise of the initiative/project within 12 months of receiving the funding. Risk Management and Insurance Services will diarise, and chase if necessary, to ensure this happens.
10.All funding applications will be reviewed by the Risk Management and Insurance Services panel. Their decision is final.