Agenda item

Report of the Chamberlain.

The Board received a report of the Chamberlain regarding the annual schedule of events, the risk register and risk matrix, and the internal audit update.

Annual Schedule of Events

The Board noted the update and were happy with the progress so far.

Risk Register

The Board reviewed the risks and amended them, changing Risk 1 (Inappropriate Risk Strategy) to “Unlikely” rather than “Possible” owing to the independent advice given to the Financial Investment Board when they made investment decisions. Members also amended Risk 5 (Pension Fund Fraud) to “Minor” owing to the high level of controls (i.e. mortality screening, tell us once, National Fraud Initiative and annual contact with oversees members).

Officers advised that another Risk that should have been included on the register was Employer Covenant i.e. the cover in place for any liabilities for admitted bodies - it will be added. The Board asked that a table of admitted bodies with bonds in place (and those without) and the number of members be presented at the next meeting.

Internal Audit Update

The Board noted that pensions administration was an area being considered for the Audit Plan for next year, but this would depend on other priority areas for auditing. Members agreed that pensions was an area becoming increasingly high profile and should be a priority.

RESOLVED – That the report be noted.