Report of the Chamberlain
The Board considered a report of the Chamberlain reviewing the Financial Investment Board’s risk register. The Chairman introduced the item and advised that further amendments had been made to the Risk Register following discussion at the last Board meeting. In response to a question from a Member, the Chamberlain confirmed that the target score for risk CHB FIB 07 had been omitted in error, but was the same as the current score.
A Member suggested that there may be a bigger risk around targeted returns than was currently set out, due to the volatility of markets and capital. Whilst it was not necessarily a red risk, the Board could consider amending the risk scores.
In response to a question from a Member, the Chamberlain explained that whilst the overall maturity of the Pension Fund was monitored, and a cash balance of around £5 million held as a liquidity buffer, which was also monitored, there was no formal Treasury Management strategy specifically for the Pension Fund. The Chairman added that this would be a logical point for the Board to discuss, and requested that this be added to the Outstanding Actions list to be brought back to the Board for consideration.
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 ahead of the Board’s next scheduled review in November.