The Audit and Risk Management Committee meeting scheduled for 23 March 2026 was set to review the internal audit plan for the upcoming year, receive updates on ongoing internal audit activities, and discuss the risk management framework. The committee was also scheduled to consider the external audit plans for the City Fund and Pension Fund for the 2025-26 financial year.

Internal Audit Plan 2026/27

The committee was scheduled to receive the proposed Internal Audit Plan for 2026/27, as detailed in the report Internal Audit Plan 2026-27.pdf . This plan outlines a comprehensive, risk-based programme of work designed to provide independent assurance over the City of London Corporation's governance, risk management, and internal control arrangements. The report indicated that the plan comprises over 1,000 audit days, covering corporate functions, departments, and institutions, balancing core assurance work with targeted reviews of high-risk areas. Members were asked to note the plan and propose any additional areas for inclusion.

Internal Audit Update

An update on Internal Audit activity between 1 October 2025 and 14 February 2026 was scheduled for discussion, as presented in the report ARM Report - Internal Audit Update Q3.pdf . This report provided an overview of the outcomes from 12 completed Internal Audit reviews, resulting in a range of assurance opinions. The update also detailed work in progress, noting that 23 reviews were at various stages of completion, including work commissioned from a third-party provider, BDO Ltd. The report highlighted significant effort deployed to drive forward the implementation of Internal Audit recommendations, resulting in a reduction in the number of open and overdue recommendations.

Risk Management Update

The committee was set to receive an update on risk management activities, as outlined in the report 20260323-Risk Management Update for ARMC.pdf . The report indicated that the City Corporation had continued to strengthen its internal risk governance and organisational understanding of risk. This included reinforcing the role of the Chief Officer Risk Management Group (CORMG) and developing senior-level capability through bespoke risk management training. The report noted that the corporate risk register remained at 12 risks, with two new corporate risks drafted for consideration: 'People Change Readiness' and 'Organisational Effectiveness'. The number of departmental red risks remained at 15.

Treasury Management Strategy Statement and Annual Investment Strategy 2026/27

A report from the Chamberlain, TMS Covering Report2026-27FINAL.pdf , was scheduled for discussion, detailing the Treasury Management Strategy Statement and Annual Investment Strategy for 2026/27. This document sets out the Corporation's policies for managing its investments, prioritising security and liquidity, and aims to ensure that capital investment plans are affordable, prudent, and sustainable. The strategy addresses borrowing requirements for both the City Fund and City's Estate, with a focus on managing borrowing through internal resources and planned investment property disposals for the City Fund. It also outlines the investment policy, creditworthiness criteria for counterparties, and the approach to environmental, social, and governance (ESG) risks.

2025-26 External Audit Plans for City Fund and Pension Fund

The committee was scheduled to consider the external audit plans for the City Fund and Pension Fund for the 2025-26 financial year, as detailed in the report 2025-26 External Audit Plans for City Fund and Pension Fund.pdf . This report includes Grant Thornton's work plan for auditing the City Fund and Pension Fund accounts, as well as their approach to assessing the Authority's arrangements for securing economy, efficiency, and effectiveness in the use of resources. The report also identifies specific risks and outlines the auditors' fees. The committee was asked to note the indicative audit plans and approve the management responses to the auditors' risk assessment inquiries.