Agenda item

Report of the Executive Director Corporate Services

This report provides an update on the Council’s principal risks since the last update to the Audit and Corporate Governance Committee on 8th December 2021. The report presents the Council’s position as at October 2022.

Consideration was given to a report of the Executive Director Corporate Services that provided an update on the Council’s principal risks since the last update to the Audit and Corporate Governance Committee on 8^th December 2021. The report presented the Council’s position as at October 2022 and  highlighted the main events and changes that had occurred since the last report. The report included that since December 2021 Camden had continued to operate in a heightened risk environment and these risks were summarised in the report under the key themes of: Cost of Living - affecting both residents and businesses; Financial Resilience - pressures on the Council’s finances. The report also set out the overall risk exposure and changes in risk levels since the last report.   

Principle risk deep dives were presented to the committee bi-annually and provided an in-depth understanding of the risk area and an insight into the actions to mitigate risks. Members were asked to agree four risk areas for deep dive reports in 2023 based on the Executive Summary of Principal Risks, Appendix 4 to the report.  

During consideration of the report Members discussed the risk areas,  deliberated about which areas should be selected and raised the following points:

-     Whether climate risk/heatwaves/flooding had been adequately captured in the report. Should climate risk be linked with the strategic objective ‘Safe, Strong and Open Communities?’

-     What was the Council doing to protect residents from the impacts of the Cost of Living?

-     Were we being complacent about the financial challenges faced by schools and were they at risk of closure? Should the risk level be higher?  

-     That cyber security risk should be examined   

-     The cost of housing, private sector housing and associated health issues e.g mould.    

In response Members were told that the impact of the government’s financial Autumn statement (made earlier that day) and the implications for residents and Camden’s financial position would be looked at.  The committee had received a deep dive report on cyber security risk in March 2022 and there continued to be an increased awareness of this risk area. Camden’s schools were financially at the same level of risk since the last time the committee had been updated. There was an understanding of the schools that were at risk but the risk leads would be asked for a further update.

Action By: Head of Internal Audit, Investigations and Risk Management

The risk of fire had been the main housing health focus but mould and risk of flooding could also be listed as areas of concern. This would be fed back to the risk leads. 

Action By: Head of Internal Audit, Investigations and Risk Management

Having considered which risk areas should be the focus of deep dive reports for 2023, the committee agreed on an initial three areas and that a fourth area would be selected at a future date. 

RESOLVED –

(i)             THAT the Councils principal risks and actions being taken to mitigate the risks be noted and

(ii)            THAT the following three risk areas be agreed as deep dive reports to be brought to two meetings of this committee in 2023 -  Energy Costs, Emergency Preparedness and Housing Revenue Account Financial Resilience

(iii)          THAT a fourth area for a deep dive in 2023 would be agreed at a later date.