Issue - meetings

Alistair Wickens (Technical Specialist, Pension Fund Policy and Governance) introduced this report which provided updated governance information including details of Warwickshire Pension Fund’s Forward Plan, risk monitoring, policies, and training. He highlighted that the Risk Monitoring Chart had been updated to slightly reduce the risk of climate change in recognition of the mitigating actions in place. These were anticipated to have some impact. The likelihood of governance failure had been slightly upgraded to reflect increased governance requirements placed on LGPS funds. The risk of ‘inability to meet demand’ had also been slightly increased to reflect recruitment and retention challenges within the Service. He advised that work was underway to review the results of the Knowledge and Skills Assessment. Training opportunities for the Sub-Committee (and Local Pension Board) would be arranged covering specific areas identified by the Assessment.

The Chair highlighted that climate change and cyber security continued to be the two areas of highest risk. He emphasised the need for constant vigilance, stating that cyber risks could be mitigated by ensuring that the right security measures were in place.

Chris Norton (Head of Investments, Audit, Insurance, and Risk) advised that a bespoke Cyber Security Policy was in place which included provision for data to be regularly backed up, ensuring that information would not be lost in the event of a cyber attack.

Resolved:

That the Pension Fund Investment Sub-Committee notes the contents of the report.