Agenda item

Report of the Chamberlain

The Board considered a report of the Chamberlain reviewing the key Risk Register for the Financial Investment Board. The Chamberlain introduced the report and outlined amendments and continuities on the Risk Register since the previous review.

The Deputy Chairman commented that consideration should be given to amending the Risk Register to separate out the three funds, as the fundamental risks affecting each fund were different, although there were some common risks. The Deputy Chairman also suggested adding a longer-term risk relating to sustainability of strategy, which would separate environmental and governance issues. A Member then commented that the risk in respect of targeted returns should also cover asset allocation. The Chamberlain advised that officers would take Members’ feedback away, and would bring amendments around asset allocation to the February meeting of the Board and also consider how to introduce longer-term changes following the Court of Common Council elections in March 2022.

RESOLVED – That the Financial Investment Board:

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

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