Issue - meetings

The Director of Finance and Business Improvement introduced the report which would have been presented to the Committee in March, however this meeting was cancelled due to the Covid-19 Pandemic. It was confirmed that risks related to Major Emergency with national/internal impact and Resurgence of Covid-19 had been added to the framework as new risks. The existing risk management framework would continue to be used, with the current situation reflected in the update report and attached appendices.

Particular attention was drawn to the fact that the probability and impact of the risks shown had been updated if necessary, with a focus on financial restrictions and the threat to retail and leisure sectors; both of which had increased substantially due to the pandemic.

The Director of Finance and Business Improvement informed the Committee that the Institute of Fiscal Studies had published a report on the risks that had arisen to local authorities as a result of Covid-19. It was noted that District Councils were at increased financial risk due to the dependence on local income in supporting services, with the Institute having ranked the Council in the middle section of District Councils at risk.

In response to questions the Director of Finance and Business Improvement confirmed that the Council may be expected to use part of the reserves held to mitigate the effects of Covid-19, however clear guidance had not yet been given.

It was felt that there should be an increase from the annual reporting of Risk Management to the Committee, due to additional risks outlined during the discussion.

RESOLVED: That

1.  The risk information as set out in Appendix 1 be noted; and

2.  A Risk Management Update report be provided to the committee on a quarterly basis until otherwise requested.