Agenda item

Report of the Chamberlain

The Board considered a report of the Chamberlain reviewing the Financial Investment Board’s risk register. The Chamberlain introduced the report and outlined each amendment made to the risk register since the last review in turn, for the Board’s information.

A Member suggested amending the wording of Risk CHB FIB 02, particularly to strengthen the distinction between target and absolute returns. The Board then discussed whether the risk of insufficient cash as set out in Risk CHB FIB 05 had increased due to the current climate and related City of London Corporation activity elsewhere. The Chamberlain advised that there was some pressure in this area, but that officers were comfortable with the current level of liquidity due to cash balances. Members suggested that the Board periodically receive a balance sheet review to inform their deliberations related to this risk as it had implications for assets, even if decisions related to cash management were the remit of other Committees.

In response to a Member in respect of CHB FIB 07, the Chamberlain advised that updated guidance and changes to draft regulations were expected, which would also pick up clarifications arising from a recent Supreme Court ruling on directing investments.

RESOLVED – That the Financial Investment Board:

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

b)    Confirm that there are no further risks relating to the services overseen by the Financial Investment Board; and

c)    Request that officers amend the Register as suggested and submit the Risk Register to the next meeting of the Board for further review.