Issue - meetings

Report of the Director of Governance and Monitoring Officer attached.

The Shared Services Lead – Audit and Risk presented a report of the  Director of Governance and Monitoring Officer concerning the Risk Management Strategy, which was last updated and presented to the Audit Committee in April 2018. The report indicated that the Strategy had now been reviewed and updated and demonstrated how the Council was seeking to ensure that the management of risk becomes embedded and at the centre of its’ day to day work.

Arising from questions from members, the following responses were given:

·       An online Member briefing session explaining the GRACE system will be arranged

·       Councillor Bretherton made reference to how the Asset Allocation of the Employee Pension Fund was reported in the Statement of Accounts. The make up of the Assets indicated that the Pension Fund was invested in a high risk manner- 53% invested in Private Equity. The Auditor confirmed that the Asset Allocation was incorrectly reported.

It was agreed that the Deputy Director of Finance and Section 151 officer would provide confirmation that the Statement of Accounts had been updated and Councillor Foster, the Council’s representative on the Lancashire Pensions Fund Committee who was also in attendance at the meeting, confirmed that the Committee robustly monitors investments and that he would supply contact details

for members to obtain further information about its work.

·       Concern was expressed with regard to the clarity of the definitions of risk in the Strategy, however it was agreed to roll out the Strategy, receive feedback and review as appropriate.

·       It was confirmed that the ‘red risks’ identified for 3 monthly review in the GRACE system would actually be monitored on an ongoing basis. GRACE would generate an additional alert to review the risk after 3 months.

·       A Corporate Governance Group had been established which will meet regularly to monitor risk management.

RESOLVED (unanimously):- That the updated Risk Management Strategy be approved.