The Audit and Risk Management Committee meeting scheduled for 11 May 2026 was set to cover a range of important governance, audit, and risk management topics. Key discussions were expected to include the adoption of the Annual Governance Statement for the City Fund and the Corporate Anti-Fraud & Corruption Strategy. The committee was also scheduled to review updates on internal audit activities and the organisation's risk management strategy.

Election of Chair and Deputy Chair

The meeting was scheduled to begin with the election of a Chair and Deputy Chair for the committee, in accordance with the relevant Standing Orders.

Order of the Court of Common Council

The committee was to receive the Order of the Court of Common Council dated 23 April 2026 for information.

Minutes of the Previous Meeting

The public minutes and non-public summary of the previous meeting held on 23 March 2026 were scheduled for agreement.

Outstanding Actions and Committee Work Programme

Members were asked to note the committee's Outstanding Actions List and its Work Programme.

Appointment of Sub-Committee

A report from the Town Clerk was scheduled for discussion regarding the appointment of a sub-committee.

Internal Audit Update

A report from the Group Chief Internal Auditor was to provide an update on internal audit activities. This included a review of completed audits, work in progress, and the analysis of internal audit recommendations. The report highlighted that 16 internal audit reviews had been completed to the final report stage, with 5 receiving a Substantial assurance rating, 9 Moderate , and 2 Limited . The overall delivery of the 2025/26 Internal Audit Plan, comprising 58 audit reviews, was concluded. The report also noted a reduction in overdue recommendations, with 106 open recommendations at year-end, 22 of which had target implementation dates of 31 March 2026.

Annual Governance Statement (City Fund) 2025/26

The committee was scheduled to consider and approve the Annual Governance Statement (City Fund) for 2025/26, prepared in accordance with the Accounts and Audit (England) Regulations 2015. This statement describes the steps taken to evaluate the effectiveness of the City Corporation's governance systems and provides an overall conclusion. The statement indicated that the City Corporation has a robust system of governance in place and is satisfied that appropriate governance arrangements are operating effectively. Actions identified for 2026/27 include the implementation of the new ERP system, Project SAPphire, and the continued rollout of the City Corporation's Transformation Programme.

Corporate Anti-Fraud & Corruption Strategy 2025-2029

The committee was to consider and endorse the Corporate Anti-Fraud & Corruption Strategy 2025-2029. This strategy sets out the City Corporation's approach to combating fraud and corruption, structured around four pillars: Govern, Acknowledge, Prevent, and Respond. The strategy aims to protect public funds, promote integrity, and embed fraud prevention across the organisation. Key objectives include delivering mandatory fraud awareness training, developing fraud risk assessments, and ensuring a robust response to fraud.

Head of Internal Audit Annual Opinion

The Group Chief Internal Auditor was to provide their annual opinion on the adequacy and effectiveness of the City of London Corporation's internal control environment, governance arrangements, and risk management processes. Based on the work completed between 1 April 2025 and 31 March 2026, the opinion was that these arrangements are generally effective . The report noted that sufficient internal audit work had been completed, with a growth target of 1000 Internal Audit Days delivered, and a high alignment with the Global Internal Audit Standards.

Counter Fraud & Investigations Annual Report 2025/26

This report was to provide a summary of the Counter-Fraud and Investigation team's activities during the 2025/26 reporting year. It highlighted a focus on fraud risk, awareness, and prevention, including the launch of a new fraud awareness eLearning course and the Speak Up policy. Successful investigations had resulted in £301k of recoverable funds and £1.09m in costs avoided. The report also detailed proactive activities, including fraud risk workshops and collaboration with the London NFI Fraud Hub.

2025-26 External Audit Plan for City's Estate

The committee was to be updated on the planning for the 2025-26 external audit of the City's Estate and the natural environment / sundry trust charity accounts. The report from Crowe, the external auditors, outlined their work plan, identified specific risks, and stated their fees. The audit fieldwork was scheduled to commence in August 2026.

Risk Management Strategy 2024-2029 – Annual Review (Year 2)

This report presented the findings from the second year of the Risk Management Strategy 2024-2029. It noted overall improvements in risk management, with stronger engagement and greater integration into strategic decision-making. However, it also identified areas for development, particularly in proactive risk management and horizon scanning. Priorities for the third year of the strategy were outlined, focusing on strengthening risk culture, anticipating environmental changes, embedding an enhanced engagement model, and improving insight-led reporting.

Risk Management Update

This update provided information on the corporate and red departmental risk registers. Since the previous report, the number of corporate risks had increased to 14, with two new risks added and one reframed. The number of departmental red risks had decreased to 15, with one risk deactivated. The report also detailed changes to the corporate risk register, including the addition of risks related to Organisational Effectiveness and Organisational Change Readiness.

Questions and Other Business

The agenda included time for questions on matters relating to the work of the committee and any other business that the Chair considered urgent.

Exclusion of the Public

A motion was scheduled to exclude the public from the meeting for specific items on the grounds that they involved the likely disclosure of exempt information.

Part 2 - Non-Public Agenda

The non-public part of the agenda included agreeing the non-public minutes of the previous meeting, a non-public appendix to the Risk Management Update, and non-public questions.