Issue - meetings

78.1     The Committee considered a report on the Risk Register for the Pension Fund. The Head of Pensions outlined the main changes to the Risk Register since the last meeting.

78.2     The Committee noted that the Climate Change risk rating has moved from a score of 12 to a score of 4 following the implementation of a number of mitigation measures. The Committee asked for an update on the timescales for these actions. The Head of Pensions outlined that ongoing work is being undertaken to understand the climate risk through scenario modelling and a discussion is taking place to establish how further work will be done (e.g. through top down strategic asset allocation measures and bottom up from investment activity).

78.3     The Committee REOLVED to:

1) Agree the change to risk A4 to cover wider separation from Orbis rather than Pension Administration;

2) Note the addition of Ransomware to the existing Cyber Security risk; and

3) Agree the addition of risk A7, covering East Sussex County Council’s (ESCC’s) Modernising

Back Office Systems (MBOS) project.