The Governance Team Leader delivered the report. This was a standard risk report update following the latest version being reviewed by the Authority in September as part of Corporate Performance review.

The following changes have been made to the Risk Register: 

·        O5 was successfully completed and has now been removed from the risk register.

·        O6 was added as a new risk following an action from the last LPB meeting.

Internal Meetings have been scheduled to review each risk and this will be reported to the Authority in December.

The Board queried G3 (Breakdown of the Control Environment) as to if this risk should be scored higher. The Head of Finance informed the Board that interim measures have been set up internally in conjunction with the internal audit team to provide assurance that we are compliant. As part of the custodian tender, we are working on a replacement for the investment accounting system this will be part of the service. In the interim the spreadsheet we are using is working well therefore not increasing the risk, and by having this as part of the custodian procurement this will significantly reduce the risk.

RESOLVED: Members noted the report.