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Risk Register for the Financial Investment Board

Report of the Chamberlain

Minutes:

The Board considered a report of the Chamberlain reviewing the Financial Investment Board’s risk register. The Board noted that all risks except Governance were currently at target.

 

The Chairman suggested that the Board consider how to go about reaching their target position and that this be noted as an outstanding reference for the Board. The Board discussed whether the target risk score should be reconsidered, whether Principles of Responsible Investment (PRI) and risks related to the London Collective Investment Vehicle (LCIV) should be added to the Board’s risk register as part of the Governance risk, and whether cybersecurity and the risk of hacking was held within counterparty risk. The Board asked the Chamberlain to consider how best to incorporate risks relating to cybersecurity.

 

The Board noted a typing error to be corrected under the Insufficient Assets risk and asked that the covering report describe the Board’s reviews of the register as semi-annual rather than bi-annual. The Deputy Chairman suggested that in the long-term, risk relating to PRI could be incorporated into the Governance risk, but was an appropriate standalone risk at present.

 

RESOLVED – That the Financial Investment Board:

 

·         Review the existing risks and actions present on the Financial Investment Board’s Risk Register, and confirm that appropriate control measures are in place;

 

  • Confirm that a dedicated PRI risk is added to the Risk Register and brought back to the next meeting for consideration; and

 

  • Request that officers consider how to incorporate Cybersecurity and Pooling risks, adding a risk relating to the LCIV to the register if deemed appropriate and in line with other local authorities, and reconsider the target risk score for governance.

Supporting documents:

 


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