Agenda item

Report of the Chamberlain.

The Committee considered a report of the Chamberlain which provided an update on the Corporate Risk Register, along with the top red Departmental risks, and the actions taken as a result of the external review of risk management, which had been reported to the Audit and Risk Management Committee in November 2016.

The Head of Audit and Risk Management explained that Officers were considering the removal of Corporate Risk 14 (Funding Reduction) from the risk register, due to the greater level of certainty around the Corporation’s funding from Central Government. However, it was intended that this risk would be replaced with risks regarding funding for the City of London Police and ensuring value for money.

The Head of Audit and Risk Management also provided more information regarding the intention to add to the Corporate Risk Register a risk in relation to fire prevention at the Barbican Centre. The Chamberlain explained that it was intended to add this risk to the Corporate Risk Register for a period of a few months to ensure that it was addressed.

A Member asked whether Internal Audit ensured that their recommendations had been implemented by Departments. The Head of Internal Audit explained that this was tracked and information could be provided to the Committee’s next meeting regarding the findings of the six-monthly review of Departmental implementation.

A Member commented that the majority of the risks within the Risk Register were unchanged and asked whether it would be beneficial to separate the Risk Register into dynamic risks and static risks, to ensure that there was appropriate movement to address risks. The Head of Audit and Risk Management explained that an external review had identified this as an area for improvement within the Risk Register, along with the development of a Risk Appetite statement. He explained that the Corporation was working with Zurich International to develop these changes. He explained that he hoped that an update regarding this could be provided to the Committee’s May meeting, with the work planned to be implemented by June or July 2017.

RESOLVED – That the Committee:

a)    Confirms the addition of BBC H&S 001 Fire risk to the Corporate Risk Register.

b)    Notes the other changes to both the Corporate and top red departmental risk registers outlined in the report.

c)    Notes the progress on the risk management action plan.