Meeting documents

To consider these reports.

The Committee considered this report, introduced by the Interim Director of Finance, that provided an update on the latest information regarding the actions taken to mitigate the Council’s identified strategic risks. It was noted that strategic risk management was the process of identifying, quantifying, and mitigating any risk that affected or was inherent to the Council’s business strategy, strategic objectives, and strategy execution.

In respect of ORG0043 it was noted that the Quarter 2 revenue report confirmed that £6.1m of the corporate contingency remained unallocated half-way through the year. If remaining unallocated at the end of the year, those funds would help build the Council's financial resilience further. Also, where services were reporting adverse variations, the mitigating management actions in place were included in the budget monitoring report.

Attention turned to appendix B of the report, that included details of the partial opinion audit recommendations report. It was noted that the report highlighted the progress of individual partial audits through to completion and that performance was currently in line with last year and overall considered to be satisfactory.

It was noted during the reporting period there had been a single audit that had a partial opinion regarding Supplier Resilience. The audit had found that the current arrangements were not effective in ensuring that the risk of supplier failure was being adequately controlled. It was also noted that there was not a consistent and co-ordinated approach to supplier resilience. The Committee agreed to request that an update report be provided at the next meeting.    

The report was accepted.

The Committee considered this report, introduced by the Interim Director of Finance, that provided an update on the latest information regarding the actions taken to mitigate the Council’s identified strategic risks. It was noted that strategic risk management was the process of identifying, quantifying, and mitigating any risk that affected or was inherent to the Council’s business strategy, strategic objectives, and strategy execution.

In respect of ORG0043 it was noted that the Quarter 2 revenue report confirmed that £6.1m of the corporate contingency remained unallocated half-way through the year. If remaining unallocated at the end of the year, those funds would help build the Council's financial resilience further. Also, where services were reporting adverse variations, the mitigating management actions in place were included in the budget monitoring report.

Attention turned to appendix B of the report, that included details of the partial opinion audit recommendations report. It was noted that the report highlighted the progress of individual partial audits through to completion and that performance was currently in line with last year and overall considered to be satisfactory.

It was noted during the reporting period there had been a single audit that had a partial opinion regarding Supplier Resilience. The audit had found that the current arrangements were not effective in ensuring that the risk of supplier failure was being adequately controlled. It was also noted that there was not a consistent and co-ordinated approach to supplier resilience. The Committee agreed to request that an update report be provided at the next meeting.    

The report was accepted.