Issue - meetings

(a)       That the report be noted; and

(b)       That the updated Risk Policy, as appended to the report, be approved.

Karen McWilliam, Independent Advisor - Aon Hewitt, introduced a report to advise of the recommended changes to the Risk Policy, which in the main related to the scoring and criteria for evaluating risks. 

Mrs. McWilliam advised that the Clwyd Pension Fund Risk Policy had been updated to become more aligned to the Flintshire County Council Risk Management Policy and Strategy.  She reported on the key considerations, as detailed in the report, and drew attention to the main risks which could be of  concern to the Committee. 

Mrs. McWilliam presented the draft Risk Policy, which was appended to the report, and commented on the proposed changes and governance risks.  Members were asked to consider and approve the updated Policy. 

The Chief Executive referred to risk number 6 on the Governance Risk Register, and commented that there would always be a high risk of loss of expertise due to changes in staffing arrangements and therefore a yellow target was the best that could be aspired to in this respect.

Steve Hibbert, Mark Owen and the Chief Executive made comments on the new format, with a particular focus on the need to focus on risks where there are concerns.  Mrs McWilliam agreed to work with the Pension Board and Mr Hibbert, representing the Pension Fund Committee to finalise the format.  Mr. Kieran Harkin, Fund Investment Consultants – JLT Group, and Nigel Thomas, Fund Actuary – Mercers, reported on the funding and investment risks as outlined in the Risk Register.   Helen Burnham, Pensions Administration Manager, reported on the administration and communication risks.

RESOLVED:

(a)       That the report be noted; and

(b)       That the updated Risk Policy, as appended to the report, be approved.