The Committee received a report from the Internal Audit Manager on the significant strategic risks to the Council in delivering its priorities.
The Internal Audit Manager informed the Committee that work was underway, in conjunction with IT, on transferring the current Risk Register to a new system which would modernise the look and feel of the register.
The Committee asked whether the Internal Audit Manager advised the Management Team on risks and were advised that part of their role was to highlight risks to both the Audit Committee and the Management Team. Financial risks would be highlighted by the external auditors.
The Committee discussed the Sinking Fund as a mitigating factor for some of the financial risks identified and queried the balance of the Fund. The Chief Accountant advised that since the start of the investment properties, £54m of income had been used to support Council services and that the Sinking Fund stood at approximately £38m.
The Committee suggested that some of the mitigating actions in the Risk Register required increased clarity around how those actions make a difference.
The Committee resolved:
3. To ensure continued wider reporting of the Corporate Risk Register and Risk Action Plan across other Committees
The Committee resolved to note the significant strategic risks and issues highlighted in this report, ensuring continued wider reporting of the Corporate Risk Register and Risk Action Plan across the other committees.