Mr Paul Rock, Head of Internal Audit, Fraud and Risk presented the Corporate and Resources Directorate Risk Registers. He said the Corporate Risk Register had been updated to include a reference to the Building Safety Bill which was referenced as PLC0023. Mr Rock said this was an important piece of legislation, with significant consequences for everyone at the Council as well as occupiers, particularly if appropriate action isn’t taken. He said there was a lot of preparation to do and as such this had been included onto the corporate register.

In response to questions and comments from members the following was noted:

• Councillor Edgar asked for an explanation regarding risk CSD0016, on page 283 of the agenda and asked why the current risk score of 25 and the target risk score 16 were red rated and how the control measure could remain so high. In response Mr Rock stated the target date in the required control measures column referred to the date the control measure should be delivered by. The colouring in the target risk column was simply the colouring of the 1 to 25 rating. Mr Rock said it did not present how likely the risk would be achieved.
• Ms Charlotte Webster raised the same query regarding this control and said this had been asked about at a previous meeting of the Audit Committee. She said it was important understand how the impact could be reduced, if possible. 

• ACTION: Following further discussion, it was agreed the Corporate Director for Children and Culture Directorate, Mr James Thomas be invited to a future meeting of the Committee to discuss this risk.

• In reference to page 297 and 298, and risk RS0061 and RSBR0007, Councillor Wood commented that these were big risks, considering the future loss of income from offices, shops and restaurants. He said this would have a significant impact on Tower Hamlets and said Councillors needed to play an active part in the changes as other East London boroughs had. He said it was important to attract new businesses to the area as well retain existing ones.

The Audit Committee RESOLVED to:

1. Note the corporate risks, and where applicable request risk owner(s) with risks requiring further scrutiny to provide a detailed update on the treatment and mitigation of their risk including impact on the corporate objectives at the next Committee meeting (or separately before the meeting if urgent).
2. Note the Resources Directorate risks and where applicable request risk owner(s) with risks requiring further scrutiny to provide a detailed update on the treatment and mitigation of their risk including impact on the directorates objectives at the next Committee meeting (or separately before the meeting if urgent).
3. Note the progress made against the Annual Action Plan for Risk Management.