Issue - meetings
Risk Register Quarterly Update December 2020
Meeting: 22/03/2021 - Pension Board (Item 6)
6 Risk Register Quarterly Update December 2020 PDF 248 KB
Additional documents:
- Appendix. 1 for Risk Register Quarterly Update December 2020, item 6 PDF 235 KB
- Webcast for Risk Register Quarterly Update December 2020
Minutes:
Ms Miriam Adams, Interim Head of Pensions and Treasury presented the report and asked the Board to note the changes to the Fund’s risk register appended at Appendix 1. She said the risk register set out the risks and how these would be mitigated against. She said two new risks AG10 and AG11 had been introduced to include the recommendations identified by the 2019/20 Internal audit. Mr Adams referred members to paragraphs four of the report, which provided detail on the revisions made to the risk register.
In response to questions from the members the following was noted:
- The Chair welcomed the improvements made to the risk register, as per the Board’s recommendation and the RAG ratings. Mr Thompson suggested the final column of the register should state the timescales and have SMART objectives. He said the cover report should focus on the red and amber ratings stating the issues and if they were moving adversely.
- In reference to page 56, FI-9 Ms Adams said these were historic employers, with two or three employees and as such she did not know if they had provided a bond or guarantee, in the event they cease to exist. She said all new employers were being asked for this assurance and sometime in the future, depending on renewals to the Fund, this could be raised with employers. Mr Gray suggested a plan was needed to ensure employers had provided a bond.
The Pensions Board RESOLVED to:
- Note and comment on the Pension Fund Risk Register; and
- Note amendments to existing risks listed in section 4 of this report.