193 Risk Register - review / update PDF 122 KB
This paper provides an update on the Fund’s risk register and an opportunity for the Committee to further review the risk score allocation.
Additional documents:
Minutes:
The committee considered the report on the Risk Register, as presented by Thomas Skeen. This report provided an update on the Fund’s risk register and gave the Committee an opportunity to further review the risk score allocation. It was noted that this was a standard item on the agenda and the Committee had a legal duty to review internal controls and the management of risks.
The Committee noted the change in the probability of risk for ‘Failure to adhere to LGPS legislation (including regulations, order from the Secretary of State and any updates from The Pension Regulator) leading to financial or reputational damage’ being reduced from 2 to 1 since the last meeting.
In accordance with the Committee’s duty, it noted the two red rated risks on the Risk Register, namely:
With regard to the second red rated risk, the Committee was informed that this has since been downgraded to 3 (from 5) following a review. This was due to positive interactions with the CIV in appointing one fund manager in 2017, and the significant savings being made on management expenses negotiated by the CIV on the Fund’s behalf.
In discussing the overall outlook of risk at present, it was noted that, generally, the risks had been moving down but certain risks change from time to time and it was important for these to be identified for the Committee and Board to observe.
Resolved
That the Committee and board: