Chris Norton, Strategy and Commissioning Manager (Treasury, Pension, Audit & Risk) explained that this report presented the risk register for the Fund which set out the risks that the Fund was exposed to before and after mitigating actions. The Board were advised that the internal audit on fraud had been completed and a business continuity workshop had taken place focussing on cyber security.
In terms of the rating for the ‘employer contributions cannot be met’ risk score (risk number 4), Chris Norton advised that the risk register reflected the management of risk and the likelihood of occurrence matrix provided an appropriate weighting to the impact score and the level of risk that was indicated for this in the report.
In response to a question regarding the improved customer satisfaction rating, Vicky Jenks, Pensions Admin Delivery Lead, advised that this had been achieved by looking at feedback from surveys and registering compliments and complaints. More work was needed on customer feedback and the implementation of Member Self Service would allow this to happen in a more efficient way.
The Local Pension Board noted the risk register appended to the report and the risk appetite statement at section 2.3 of the report.
Alan Kidner joined the meeting at this point (10.46am).