Chris Norton, Strategy and Commissioning Manager (Treasury, Pensions, Audit, Insurance, and Risk), presented the risk register for the fund which set out the risks that the Fund was exposed to before and after mitigating actions. The risk register was monitored quarterly by the Investment Sub-Committee. The Board were advised that the Fund planned to develop a risk appetite to specify target risks for different activities and the Pension Fund Investment Sub-Committee was due to consider proposals in September 2021.
Mike Snow asked about the actions being taken to mitigate cyber security and climate change risks. Chris Norton advised that climate change was a high profile feature of the Investment Strategy review and regular meetings were taking place with colleagues in ICT to undertake a review of arrangements with regard to cyber security. The Fund relied on Warwickshire County Council cyber security policies and work was underway to check that this was a good fit for the Pension Fund. Third parties were being contacted to request their SSRA (system specific risk assessment) statements, and the bespoke cyber security policy for the Pension Fund which had been approved in the previous 12 months was being reviewed.
The Local Pension Board noted the report and risk register attached to the report.