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Apologies To receive apologies for absence. Minutes: Apologies for absence were received from John Byrne [Scheme Member representative] and Nigel Brinn [Employer Representative]. |
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Declarations of interest To receive any declarations of interest. Minutes: There were no declarations of interest.
The Chair advised he had completed his training role with the Chartered Institute of Public Finance and Accountancy [CIPFA] and therefore would not need to make any declarations if reference was made to CIPFA when discussing the Board’s training.
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Review of Risk Register [Standing Items] PDF 78 KB To consider the report. Additional documents:
Minutes: The Chair advised that the extra Board meeting had been organised to enable the Board to consider the Risk Register as it was unable to do so at the meeting on 27 July 2022.
The Pension Fund Manager advised that the details in the previous Risk Register had been transferred to the Powys Risk Register system and was presented to the Board in this new format for the first time. The Board agreed that the format was easier to read than the format previously used.
It was noted that the Risk Register had been split into three categories: · Administration · Governance and · Investments
The Administration Risk Register was considered. The Board noted the following or made the following comments [the numbers shown are the Risk Reference numbers]: Admin0001 – the Powys payroll system is used for the payment of pensions and internal audit and Wales Audit undertake audits on this system. These audit reports are available to the Pension Fund Manager and meetings are held regularly with the Payroll Team to discuss any issues. The Pension Fund Manager advised service level agreements are being reviewed. It was noted that there are backup systems to the payroll system and there had never been a time when the payroll backup system had to be utilised. Admin0002 – the loss of pension and other systems would be critical. The Board noted the mitigations but considered that the inherent and residual risk should be the same as Admin0001. The Board recommended that the inherent and residual risk should be 6 and 2 respectively. Admin0003 - the Pension Fund Manager advised that data quality testing has been undertaken on an annual basis. However, more frequent data quality testing can now take place and at least two tests will be undertaken each year and this will be reflected in the Data Improvement Plan. Data quality is currently high, with common data at 98% and scheme specific data at 92%. Due to the multiple parties involved in the provision of data, it was considered that the inherent risk should be increased. The Board recommended that the inherent risk should be 8. Admin0004 – After discussion the Board recommended that Admin0003 and Admin0004 should be kept as separate risks, as they related to risks associated with employers and scheme members respectively. The Pension Fund Manager advised that generic newsletters were issued but further work was required to develop communication targeted at specific groups of scheme members. He agreed to send the website link to the newsletters to the Board. Admin0005 – the Board noted that the Communications Policy was currently being reviewed. The Board agreed to consider the revised draft Communications Policy and newsletters. Admin0006 – reference to the Funding Strategy Statement would be added to the Controls and Actions information. The Board noted that as a result of the risk sharing agreement within the Fund risks are higher. In light of this higher risk the Board recommended that the inherent and residual risk should be 6 ... view the full minutes text for item 3. |