Agenda item

Consider report by Acting Chief Financial Officer. (Copy attached).

With reference to paragraph 8 of the Minute of the meeting held on 29 June 2022, there had been circulated copies of the report by the Acting Chief Financial Officer which formed part of the risk review requirements and provided the Members of the Pension Fund Committee and Pension Board with a schedule that detailed the updated risks and proposed management actions to mitigate the risks. Identifying and managing risk was a corner stone of effective management and was required under the Council’s Risk Management Policy and process guide and CIPFA’s guidance “Delivering Governance in Local Government Framework 2007”.  It was further reflected and enhanced in the “Local Government Pension Scheme” published by CIPFA.  A virtual risk workshop was held on 4 May 2022 with Officers from relevant Departments to review and update the full risk register.  The revised Risk Register was approved by the Joint Pension Fund Committee and Pension Fund Board on 29 June 2022 and then reviewed on the 15th September 2022.  Appendix 1 to the report detailed the risks within the approved risk register which had been updated at the end of quarter 2, identified management actions and the progress of these actions to date.  Four actions had been updated following the introduction of the Overpayments Policy (3.1, 5.4, 5.6 and 6.1) with the only red risk also being reviewed and updated (6.2).  There were no new risks identified during the review.  The Acting Chief Financial Officer, Ms Suzy Douglas, presented the report and highlighted that the report produced by Ms Clare Scott, an independent advisor, had expressed views on matters related to risk management.  The Chief Officer – Audit and Risk, Ms Jill Stacey advised that the terms of risk reviews followed the risk management policy which had been introduced in December 2021.  It had been agreed then that the approach to risk and risk review would be proportionate to the risk which each entity faced.  Risks, as classified on the Red, Amber, Green matrix, were reviewed at different frequencies.  Red risks were reviewed on a quarterly basis, amber every 6-months, and green annually.  Ms Stacey and the Corporate Risk Officer were working closely with Ms Douglas and the HR Shared Services Manager to ensure risks were adequately reviewed.  In response to a question regarding details on specific action taken as part of risk review and management, Ms Stacey explained that the report was a high level summary which outlined that risk management practises were being applied and the report provided a summary for oversight purposes.  The Acting Chief Executive confirmed that a full review of the risk register was carried out on an annual basis and was presented to the Committee, and that a session could be organised which could assess the most strategic and significant risks faced by the Pension Fund.  The full Risk Register could be made available to Members.

DECISION

AGREED:-

(a)     to note the management actions progress as contained in Appendix 1 to the report;

(b)     to note no new quantifiable risks had been identified since the last review; and

(c)     to an update on progress of management actions to be presented, based on the Quarter 3 position, in March 2023.