To consider the Risk Management reports – Quarter 4 2020/21.
Councillor Lewanski introduced the item stating that the report provided an update on risk management in Q4 2020/21.
Annex 1 of the report provided an update on all strategic risks, including their rating and a summary of the key updates.
No new strategic risks were identified in Q4.
In Q4 one strategic risk was identified for closure: SR4 – Partner Public Sector Funding Decisions. This risk was recommended for closure as the Council’s funding reliance on the County Council had reduced, therefore reducing the potential impact of any funding or budget decisions Surrey makes. This recommended closure aligned with the finalisation of the Council’s and Surrey’s 2021/22 budgets.
Impacts resulting from partner public sector funding decisions going forward would be covered in ‘SR2 – Financial Sustainability’; in the 2021/22 Strategic Risk Register.
In addition to strategic risks, the Committee also received updates on RED rated operational risks. At the end of Q4 there was one rated operational risk, the detail of which is provided in the part 2 exempt annex.
Following this Audit Committee meeting this report would be considered by the Executive on 24 June.
In terms of the number of strategic red rated risks, it was acknowledged that COVID-19 had a big impact and there was a financial impact on residents. There was always a large workload, however there was a continuing desire to consider issues that affected residents. Risks around the impact COVID-19 had on Gatwick Airport were highlighted and it was acknowledged that this would skew the risk ratings.
In relation to SR8, it was asked whether spot checks were made on Officers to ensure appropriate use of ICT as it felt this was more effective than a reminder. The internal audit gave a reasonable assurance on cyber security and it was agreed that this observation be fed back to the ICT Team.
(i) The Committee notes the Quarter 4 update on Risk Management provided by the report and associated annexes;
(ii) The recommended closure of strategic risk on ‘Partner Public Sector Funding Decisions’ (SR4) as detailed in Annex 2 be noted.