Agenda item

Report of the Chief Strategy Officer.

Members received a Report of the Chief Strategy Officer relative to the roles and responsibilities of officers involved in corporate risk management. Agenda Item 14, a report providing a risk update, was considered alongside this item.

Officers clarified that deactivated risks remain on the risk register invisibly and can be reactivated if necessary, with no requirement for them to be returned to departmental level.

With regards to CR02 Loss of Business Support, the Chair commented that the mitigating actions focused on mitigating the impact of the loss of support, rather than the likelihood, but that the document did not reflect this. An Officer replied that they would return with further details on this risk.

Members discussed the subject of inflation and whether it should be dealt with as a single line item risk, or included, where appropriate, in corporate and departmental risks. The following points were discussed:

·         A Member noted that inflation was considered under CR35 Unsustainable Medium Term Finances

·         Members felt that the risk level for CR35 was too low at Amber 12

·         An Officer said that the Chamberlain’s team were working on the impact of inflation, where the pressures were, and how they will be mitigated. The Executive Leadership Board had held a session to consider what inflation meant for each Chief Officer’s department. Recommendations would be taken to the RASC away-day.

·         The Chair said that inflation would be one of the single biggest risks facing the City Corporation and felt that it would be most efficiently dealt with in the line item of individual risks.

A Member, in reference to CR10, said there that the City of London Corporation was vulnerable to criticism and questions of democratic legitimacy. The Chair suggested that it might be helpful to invite the Remembrancer to a future meeting to discuss this risk.

A Member requested a more granular risk description on CR17 Safeguarding. The Head of Internal Audit replied that there was planned Internal Audit work to look at the whole City Corporation’s safeguarding framework.

RESOLVED, that – the report be received and its contents noted.