RISK is a part of being a public authority.

That was the verdict of Winchester City Council’s cabinet team, which has rubber stamped its updated 2017 risk management policy.

As reported, the council says it is changing its strategy to become more entrepreneurial, though opposition councillors claim that it is introducing more risk.

They are particularly concerned with a £10m Strategic Asset Purchase Scheme, which they claim could see taxpayers' money spent on risky projects that may not benefit residents.

There are also concerns that the major scheme for Station Approach also poses risks, because £150m that could potentially be spent on it, at the same time the city council is trying to manage other flagship projects including a new £30m leisure centre at Bar End.

The updated policy sets out the framework for identifying, managing and controlling significant risks.

Portfolio holder for finance Stephen Godfrey said: “We want to be more open to understand the risks associated with a number of options on how we deliver services in the future.

“We have to be open to challenge and people will not always agree with us, and we have to assess what the risks are.

“Changing and doing things in a different way is inherently risky and we have to manage that, we have to assess there will be risks and the management of those and make sure they are controlled.”

Cllr Guy Ashton said that risk can be positive and the document will be vital to understanding risk, and gives the city council “terrific options” for the future.