Issue - meetings

That the Committee notes the Quarter 4 2022/23 update on risk management provided in the report and associated annexes and make any observations to the Executive Meeting in September 2023.

The Head of Corporate Policy, Projects and Performance stated that the report provided members with an update on risk management in quarter 4 2022/23.

No new strategic risks were identified in quarter 4 and no strategic risks were recommended for closure. Those risks carrying through into the 2023/24 register, as approved in quarter 3, have received a comment noting their new reference number for the new year.

As well as receiving an update on strategic risks, the Committee was provided with updates on RED rated operational risks.

At the end of quarter 4 there was one RED rated operational risk. Additional detail on this was provided in the part 2 exempt annex.

Due to the timing of the start of the new municipal year and changes to the membership of the Audit Committee, the Audit Committee held on 14 June 2023 was dedicated to the induction of new members. With this change in normal timings, the quarter 4 risks have already been noted by the Executive on 22 June 2023. Any observations made by the Committee at this meeting, would be presented to the Executive meeting in September for members’ consideration.

Following this Audit Committee meeting this report would be considered again by the Executive on 14 September 2023.

In response to a member’s question relating to the time lag between this report being written and being presented at the Committee, it was asked whether there had been any material changes that members should be aware of, particularly around SR2 – Financial Sustainability and SR4 – Challenging economic conditions for residents and businesses. It was noted that there had been a number of reports to more recent Committees including the Medium-Term Financial Plan which was considered by the Overview and Scrutiny Committee earlier in the month. There had been no major changes to the forecast, but any emerging challenges and risks would be taken into account when setting the 2024/25 budget. The Corporate Plan Annual Report provided a more comprehensive update on some the work the Council was undertaking to support residents and businesses.

The Committee requested that in future its Members be made aware of reports that were considered at other Committees, but relate to the work of the Audit Committee. Officers agreed to look at how this can be achieved.

It was acknowledged that some risks were allocated more than one risk owner. Questions were asked about whether this was appropriate and how accountability was ensured. It was explained that mechanisms were in place to ensure that risk owners were held to account.

The new energy contract would run from 1 October 2023 until 30 September 2025. An external consultant had been commissioned to undertake building energy audits. Costings and timings to implement measures were being considered across a number of the Council’s operational buildings, this included energy efficiencies as well as solar power.

RESOLVED that:

i)               The Committee notes the Q4 2022/23 update on risk management provided in the report and associated annexes and makes any observations  ...  view the full minutes text for item 12

The Executive Member for Corporate Policy and Resources.

RESOLVED – that the Executive:

(i)               Notes the Q4 2022/23 update on risk management provided by the report and associated annexes and agrees to consider any observations made by the Audit Committee at the Executive meeting in September 2023.

The Executive Member for Finance, Governance and Organisation, Councillor Lewanski, presented the Risk Management – Q4 2022/23 report to the Executive (January to March 2023).

In Quarter 4 no new strategic risks had been identified. No strategic risks were recommended for closure. There was one red-rated operational risk. Additional detail on this was provided in the Part 2 exempt annex to the report.

Due to the timing at the start of the new Municipal Year and changes to the membership of the Audit Committee, it had not been possible for the Audit Committee to consider the strategic risk register at Annex 1 or the red-rated operational risk in the Part 2 exempt annex in advance of this Executive meeting. Executive Members were therefore asked to note the Q4 update on risk management at this meeting. The Audit Committee would then consider the report at its meeting in July. Should the Audit Committee make any observations, these would be presented to the Executive meeting in September for Members’ consideration.

The Executive considered the Part 2 exempt annex following questions from Visiting Members. They then returned to the public session and it was:

RESOLVED – that the Executive:

(i)               Notes the Q4 2022/23 update on risk management provided by the report and associated annexes and agrees to consider any observations made by the Audit Committee at the Executive meeting in September 2023.