Ms Miriam Adams, Interim Head of Pensions and Treasury stated the report provided an update on the Fund’s Risk Register, which was appended to the report. She said a certain level of risk was inevitable in achieving the Fund objectives however it had to be controlled.

In response to questions from Members the following was noted:

• The Chair commented that of the 30 risks listed, 9 were green and 7 were red. He asked why this was so. Ms Adams said they were being prudent with their assessment of risks as some risks could not be eliminated. It was about managing the risks. She referred to risk G3, and said this was a high-level risk and therefore they were being extremely prudent by keeping this red. She said whilst there was a business continuity plan in place, if something was to go wrong it would have a big impact on the Fund. Hence the red rating.

• ACTION: The Pension Board would like to receive an update on staffing at every future Pension Board meeting. 

• Mr Jones stated that he’d like to see the reds moving into the ambers and ambers moving into green.
• Mr Stephen-Thompson concurred with this view and suggested the risks which were red rated, with a 24-month target date, ought to have intermediary milestones, so progress could be tracked. 

The Pensions Board RESOLVED to:

1. Note the comment on the Pension Fund Risk Register; and
2. Note the amendments to existing risks listed in section 3 of the report.