Agenda item

The Account and Audit Regulations 2015 require the Council to have in place effective arrangements for the management of risk. These arrangements are reviewed annually and reported as part of the Annual Governance Statement (AGS). There is a direct link to the Council’s Plan and the Medium-Term Financial Plan.

The Corporate Risk Manager Somerset Council went through the Strategic Risk Report for Somerset Council.

She confirmed that 17 risk were identified.

·         7 were new strategic risks.

·         6 were continuing strategic risks of the former Somerset CountyCouncil

·         4 wereemerging risks.

This list would be reviewed by a meeting of the Corporate Leadership Team in July, latest August, and then would be brought to the committee again in time for the next audit meeting.

After discussions surrounding the level of engagement and support after the old County Council ended, it was decided that The Chair meet with The Corporate Risk Manager and the Equalities and Risk Manager regarding risk engagement, reporting and risk visibility for Members in order to improve the understanding of risk across the organisation and this would be put on the agenda for the next Audit meeting in August.

Cllr Mandy Chilcott asked for clarification on an item that was 477 days overdue and the S.151 Officer undertook to work with Executive Directors and the Corporate Management Team regarding the organisation and direction of travel for risk, including risk reporting, engagement and that strategic risks are regularly updated. This would be brought to the 24 August 2023 Audit Committee meeting.

The Committee noted the report.