Agenda item

The Chairman and the Head of Audit and Risk Management announced that this was the last meeting that Paul Dudley would attend, as he was retiring as Corporate Risk Manager at the end of March. They praised Mr Dudley’s exemplary service to the Committee and the City of London Corporation, especially in assisting it in its risk maturity journey, and commended his commitment and professionalism.

Mr Dudley said that it had been a pleasure to work for the Committee, and that it was the most effective Audit and Risk Management Committee he had worked with. He was proud to have served it, and the Committee should be proud of the work it does

The Chairman announced that this was Hilary Daniels last meeting as both Deputy Chairman and as an external member. He commended her commitment to the Committee, both in formal meetings and the Committee’s informal risk challenge sessions. He thanked her for her contributions in terms of counsel, challenge and support.

A Member who had formerly served as Chairman of the Committee endorsed the words of the Chairman, and said that Mrs Daniels was extremely experienced and fearless in taking on interests. Mrs Daniels was the third external member appointed by the Committee, and all of these members have been vital, and share credit for the performance of the Committee. He said that the Committee would not have been as successful without the input of external members, and that Mrs Daniels should be proud of this legacy.

Mrs Daniels thanked the current and former Chairmen, and said that it had been an honour and a privilege to work on the Committee. During her nine year membership, she had seen the agenda and capabilities of the Committee improve, and the work of the Committee mature. The Risk Management Health Check item on the agenda for this meeting was a demonstration on how the Committee has improved. She was grateful for how officers have answered her challenges, questions and comments, as the Committee could not do its work without these responses.

The Chairman thanked the outgoing external audit team from BDO, and wished them well individually and collectively.