The purpose of this report is to set out the outcome of the review of the Integration Joint Board’s Risk Management Policy and Strategy and to seek approval of the updated Policy and Strategy. This includes approval of the revised strategic risk taxonomy and the proposed risk appetite level for each of the nine strategic risk categories. The report explains the reasons for the review, the approach and engagement undertaken, the options appraisal process used to develop the revised taxonomy, and the principal areas of continuity and change.