Issue - meetings

Surrey County Council, as administering authority for the Surrey Pension Fund, is responsible for the delivery of benefit promises made to members of the Surrey Pension Fund. It achieves this by setting objectives and goals with varying timeframes. Risks lie in failing to meet the intended goals.

Risks that are established as an issue must be identified and evaluated via a risk register. The risks must be prioritised with existing controls or new controls implemented to mitigate the risks. This should be recorded in a risk register, which should be monitored on a quarterly basis.

Declarations of interest:

None

Key points raised during the discussion:

1.    The Strategic Finance Manager (Pension Fund & Treasury) tabled an updated Risk Register (attached as Annex 3 to the Minutes).  He highlighted a new entry at number 18 ‘Failure to hold personal data securely’.  This had been added following a recent Audit report of Pensions Administration which suggested this be treated as a separate risk.

Actions/further information to be provided:

None.

Resolved:

That the report was NOTED.

Surrey County Council, as administering authority for the Surrey Pension Fund, is responsible for the delivery of benefit promises made to members of the Surrey Pension Fund. It achieves this by setting objectives and goals with varying timeframes. Risks lie in failing to meet the intended goals.

Risks that are established as an issue must be identified and evaluated via a risk register. The risks must be prioritised with existing controls or new controls

implemented to mitigate the risks. This should be recorded in a risk register, which should be monitored on a quarterly basis.

Declarations of interest:

None.

Key points raised during the discussion:

1.    The Strategic Finance Manager (Pension Fund & Treasury) introduced the report and highlighted the new entry at number 25 regarding the Local Pension Board.  He also informed the committee that, following suggestions at the previous meeting that the risk score regarding uncertainty about possible UK withdrawal from the EU was too high, the score had been reduced.

Actions/Further information to be provided:

None.

Resolved:

That the Surrey Pension Fund Committee notes the revised Risk Register.

Next steps:
None.

Surrey County Council, as administering authority for the Surrey Pension Fund, is responsible for the delivery of benefit promises made to members of the Surrey Pension Fund. It achieves this by setting objectives and goals with varying timeframes. Risks lie in failing to meet the intended goals.

Risks that are established as an issue must be identified and evaluated via a risk register. The risks must be prioritised with existing controls or new controls

implemented to mitigate the risks. This should be recorded in a risk register, which needs monitoring on a quarterly basis.

Declarations of interest:

None.

Key points raised during the discussion:

1.    The Strategic Finance Manager (Pension Fund and Treasury) tabled a revised Risk Register (attached as Annex 1 to the Minutes).  The late addition was a risk associated with the possible withdrawal of the UK from the European Union.  Members queried why the reputational impact of the risk to the Fund was rated as 3.  The Strategic Finance Manager (Pension Fund and Treasury) explained that there was a reputational risk if the Fund was perceived as being not sufficiently appraised on the situation or if mitigating actions were not adequate.  Members also suggested that the likelihood rating was too high.  Following a discussion, the Strategic Finance Manager (Pension Fund and Treasury) agreed to reduce the ratings for reputational impact and likelihood to 2.  

Actions/Further information to be provided:

None.

Resolved:

That the Board NOTED the revised Risk Register and made suggestions for amendments as detailed above.

Next steps:

None.