Victoria Moffett, Lead Commissioner Pensions and Investments presented this report which provided an update on the risks to the Fund and actions taken to manage them. It covered both the general risk register and the

COVID-19 risk register with a focus on changes, developments, and management actions.  The report included a summary of the two risk registers and comparison of how risks had changed since the original assessments in February and March.

Councillor Bill Gifford sought clarity on the assertion that cyber crime had not materially affected the fund and was advised that whilst members of the team had received some phishing emails, and on the limited occasions links had been clicked on, Warwickshire County Council’s ICT Team had stepped in and no breaches had occurred as a result.

Reflecting on the RAG rating system applied to the register, Sub-Committee members were pleased to see some significant (red) risks had reduced to a moderate level (orange) and felt that, in light of the pandemic, the assessment of risk was as expected. The Pensions Team were congratulated on their efforts to keep business as usual as far as possible and for reducing the effects of some of the challenges posed by the pandemic.

Resolved

That the Pension Fund Investment Sub-Committee noted the report.