Agenda item

Report of the Chamberlain.

Appendix 3 found in non-public agenda item 19.

Members considered a report of the Chamberlain relative to the Corporate Risk Update, including the final City of London Corporation Risk Management Policy and Strategy, following the receipt of the draft Risk Management Strategy at the previous committee meeting. Members expressed concern over the growing number of corporate risks although the Chairman noted that there had been one risk which had recently been removed from the register (GDPR) and other risks which were candidates for removal later in 2020. There was also a discussion concerning the meaning of target risk score/date. The Deputy Chairman made a suggestion to amend the definition within the glossary of the risk management strategy which clarified this point. The strategy would be amended accordingly.

RESOLVED, that Members:

1.    note the risk report including changes to both corporate and top red departmental risk registers since November 2019;

2.    endorse Summit Group’s decision to include CR32 Wanstead Park Reservoirs risk on to the corporate risk register;

3.    note the development of two potential corporate risks to be considered by Summit Group relating to capacity and capability of the City Corporation’s ability to simultaneously deliver 3-4 major capital schemes over the next few years as well as general competency in managing projects;

4.    agree the proposed reporting arrangements for corporate risks to the Committee set out as follows:

·         a detailed corporate risk register including all corporate risks to be provided on an annual basis, categorising risks into appetite levels (above, at, below) and an indication of the approach to managing each risk;

·         for the other three Committee meetings per year, only risks above risk appetite to be reported in a detailed risk register format;

·         a list of all corporate risks indicating risk appetite levels to be provided in summary format at each meeting.

5.    endorse the City Corporation’s Risk Management Strategy.