The Audit and Risk Management Committee of the City of London Council is scheduled to convene on Monday 2 November 2026. The meeting's agenda includes a review of the City's Estate financial statements for 2025/26, an update on risk management, and a discussion on the effectiveness of the committee itself.

City's Estate Financial Statements 2025/26

The committee is scheduled to consider the financial statements for the City's Estate for the 2025/26 financial year. These statements are reported by the Chamberlain and are included in a separate pack. The committee will be asked to consider these financial statements.

City's Estate Trust Funds and Sundry Trust Annual Reports and Financial Statements 2025/26

Also reported by the Chamberlain, the annual reports and financial statements for the City's Estate Trust Funds and Sundry Trusts for 2025/26 are scheduled for review. These matters will be presented to the committee for consideration.

City Fund and Pension Fund Audit Progress and Sector Update

Grant Thornton, the external auditor, will provide an update on the audit progress for the City Fund and Pension Fund. The report, available for information, will also include a sector update relevant to the committee's work. The audit for the 2026/27 financial year has not yet commenced, with planning and risk assessment work scheduled to begin in January 2027. The report highlights that Parris Williams and Matt Dean will be taking over as Key Audit Partners for the City Fund and Pension Fund respectively.

Internal Audit Update - Quarter 2

The Group Chief Internal Auditor will present an update on Internal Audit activity for the second quarter of 2026/27, covering the period from 1 July to 30 September 2026. The report, for information, details that seven Internal Audit reviews have been completed to Final Report stage, with a number of other audits in progress. The update includes an analysis of completed audit work and open recommendations.

Counter Fraud & Investigations Mid-Year Report 2026/27

The Group Chief Internal Auditor will present the mid-year report for Counter Fraud and Investigations for 2026/27. This report, for information, details that the team has focused on a complex, high-priority reactive investigation during the first half of the year, which has impacted the delivery of some proactive and preventative work. Despite this, positive outcomes have been achieved in 15 investigation cases, with an associated value of £178,937. The report also outlines progress in developing and introducing AI tools to enhance the team's capacity and capability.

Risk Management Update

The Chief Strategy Officer will provide an update on risk management activities. This report, for information, details ongoing efforts to strengthen risk culture and support a strategic approach to risk management across the organisation. It notes a decrease in the number of corporate risks from 14 to 13, with one risk de-escalated. The number of departmental red risks has increased from 15 to 16, with one risk elevated to red during this period. A non-public appendix details the risk appetite update for corporate risks.

Review of Committee Effectiveness, Skills and Good Practice - Results

The Town Clerk's Department will present the results of a review into the effectiveness, skills, and good practice of the Audit and Risk Management Committee. This report is for discussion. The review, which follows a similar process to one conducted in June 2024, includes an Effectiveness Review, a Skills Audit Matrix completed by members, and a Self-assessment of good practice by the clerk. The findings indicate a generally positive assessment of the committee's effectiveness, with strengths identified alongside areas for improvement, particularly in relation to the assurance framework and supporting the achievement of the Corporation's goals. The Skills Audit Matrix suggests a generally strong level of knowledge across the committee, with some variation in specific subject areas. The clerk's self-assessment indicates a high level of compliance with good practice principles, with opportunities for improvement noted in areas such as training and demonstrating added value.

Revised Approach to Charity Risk Management

The Managing Director of the City Bridge Foundation will present a report on a revised approach to charity risk management. This item is part of the non-public agenda.

The meeting will also address the confirmation of previous minutes, outstanding actions, and the committee's work programme. The public will be excluded for certain items on the non-public and confidential agenda.