Issue - meetings
RISK REGISTER
Meeting: 21/07/2020 - Pension Board (Item 5)
5 Review of Risk Register PDF 254 KB
Additional documents:
- Risk Register Summary Governance PB July 2020, item 5 PDF 177 KB
- Webcast for Review of Risk Register
Minutes:
The Board received and noted a report that outlined changes to the Fund’s Risk Register. The main points of the discussion may be summarised as follows:
The Board:
· Noted the changes arising from the Covid 19 epidemic and the Council’s response.
· Discussed the risks associated with fraud and Members transferring their pensions to private schemes e.g. the Council are working to ensure that Scheme Members can make informed decisions about their pensions to help protect them from scams.
· Noted the recent statement from the Minister of State regarding the progress in responding to the McCloud ruling as a possible risk.
· Noted that to facilitate successful delivery, the Fund will need to commence preliminary work to ensure successful processing implementation of McCloud ruling with regard to the identification of affected members, processing of arrears and interest as well as adjusting of records of affected members once final legislation is received.
· Noted it was noted felt that the scheme might be exposed to likelihood of Cyber Scams and Data Protection risks as staff migrated to remote working. However, as a part of the commitment to keep the wired and wireless network safe, the Council are applying the latest security measures to ensure the safe operation of these wired and wireless networks.
Accordingly, the Chair Moved and it was:
RESOLVED to:
1. Note and comment on the Pension Fund Risk Register;
2. Note the additional risks introduced during the quarter; and
3. Note amendments to existing risks.