Issue - meetings

65.1     The Committee considered the risk register presented by George Norval (GN). 

65.2        The Committee considered the following risks:

1)    Risk I5 - which focuses on the changes that will be required to Investment Pooling in relation to the “Fit for the Future” government consultation proposals. The risk here is around the government’s proposals and/or the arrangements of ACCESS being insufficient for the needs of ESPF, which could cause a reduction in funding level among other negative impacts. Until the proposals are finalised, the risk score is high, although it is mitigated slightly to a moderate risk by ESPF continuing to engage with and shape the proposals.

2)    Risk G1, key person risk, has also been reduced. The Fund now has in place an Acting Head of Pensions and has extended the contract of the Interim Deputy Head of Pensions, ensuring the continuation of service.

3)    Risk G3, there is still one outstanding question from the Pension Committee meeting on 25 September 2024 regarding whether system back-ups were immutable and assessment of third-party provider backs up. The Fund are in liaison with Information Security team on the query about back-ups and will continue to assess the risk around Cyber Security. Officers acknowledged that the Committee are very keen to know the outcome of a review of the system back-ups. It is anticipated that the Information Security team will provide an update ahead of the next meeting.

Risk Register Workshop

4)    Officers will be holding a Risk Register workshop towards the end of March 25 via Teams. This will focus on reviewing the Risk Register and its mitigating actions and adding, removing or amending risks as is deemed necessary. Committee members are encouraged to attend.

65.3     The Committee RESOLVED to note the report.