The Audit and Risk Committee met to discuss the Council's principal risks and how they are being managed. The committee received the latest version of the Islington Principal Risk Report, reviewed the work plan for the year, and noted the latest version of the Audit Committee Response Tracker.

Risk Management

The Committee discussed the latest version of the Islington Principal Risk Report.

The report was presented by an officer from the Finance Department, who explained that:

The Principal Risk Report identifies and assesses the most significant risks to the Council achieving its objectives, and sets out the controls in place to mitigate those risks.

The report identified 20 principal risks, which are assessed on a quarterly basis using a traffic light system. The Committee raised several questions about the risks identified in the report, including the risk of fraud, the impact of Brexit, and the Council’s response to the climate emergency.

Members noted with concern the number of risks assessed as red or amber.

I remain concerned by the number of risks that remain in the red or amber categories. I would like to see a greater focus on reducing these risks, particularly in relation to the Council's finances.

- Councillor Diarmaid Ward

Officers responded that the Council was taking steps to address all of the risks identified in the report.

Audit Committee Work Plan 2024-25

The Committee discussed the Audit Committee Work Plan 2024-25.

The Committee were content with the proposed work plan for the year ahead.

Audit Committee Response Tracker

The Committee noted the latest version of the Audit Committee Response Tracker without discussion.