The Governance, Audit, Risk Management and Standards Committee meeting scheduled for Monday 16 February 2026 was set to cover a range of financial and risk management topics. Key discussions were expected to include the Corporate Risk Register for the third quarter of the 2025/26 financial year, the Resources Directorate's Risk Register for the same period, and progress reports from Internal Audit and the Corporate Anti-Fraud Team. Additionally, the committee was scheduled to review the Treasury Management Strategy Statement, Annual Investment Strategy, and Capital Strategy for 2026/27, alongside the audited Statement of Accounts for 2024/25.

Corporate Risk Register 2025/26 Q3

The committee was scheduled to review the Corporate Risk Register for the third quarter of the 2025/26 financial year. This report, prepared by the Managing Director, was for information only and aimed to assist the committee in monitoring progress on risk management. The register detailed 17 open risks, with four rated as RED, 12 as AMBER, and one as GREEN. The most significant risks highlighted included a successful cyber or ransomware attack on the Council, failure to meet the demand for Adult Social Care within budget, significant overspends on Children's Services placements, and insufficient supply of affordable accommodation for homelessness. The report noted that two risks had increased in significance, four had decreased, and 11 remained stable since the previous quarter.

Resources Directorate Risk Register 2025/26 Q3

A report from the Director for Digital, Data and Customer Experience was scheduled to present the Resources Directorate Risk Register for the third quarter of the 2025/26 financial year. This report was also for information only. It indicated seven open risks within the directorate, with one rated RED, four AMBER, and two GREEN. The most significant risk identified was a systems and IT risk concerning a successful cyber or ransomware attack on the Council and supplier data systems. Other notable risks included the loss of access to critical data services and significant failure to recover data, failure of business-critical contracts, deterioration in community cohesion, systemic issues of inequality and disproportionality experienced by Black, Asian and Multi-ethnic people, failure to prevent or detect significant fraud, and failure to deliver Resources in-year budgets on target, posing a risk to the Medium Term Financial Strategy.

Internal Audit & Corporate Anti-Fraud Team (CAFT) Progress Report

The committee was to receive a progress report from the Strategic Director of Finance covering the work of the Internal Audit and Corporate Anti-Fraud Team (CAFT) for the period ending 31 December 2025. The report indicated that Internal Audit had completed 45% of its 2025/26 annual plan, which was below the target of 67.5%, but it was expected that the 90% completion target would be met by year-end. CAFT was reported to be meeting or exceeding all but one of its targets, with the recovery of social housing units and disruption of fraudulent Right to Buy applications being behind schedule, though improvement was expected. The report included a statistical summary of CAFT's work, highlighting estimated savings and avoidance of loss from investigations across various areas, including tenancy, right to buy, internal/employee fraud, social care, blue badge, and revenues/CTRS/grant.

Treasury Management Strategy Statement, Annual Investment Strategy, and Capital Strategy for 2026/27

A significant portion of the meeting was dedicated to the Treasury Management Strategy Statement, including the Annual Investment Strategy for 2026/27 and the Capital Strategy for 2026/27. These reports, prepared by the Strategic Director of Finance (S151 Officer), were presented for recommendation to the Council for approval. The Treasury Management Strategy Statement covered capital issues, borrowing, the annual investment strategy, and other treasury matters. It included Prudential Indicators for 2026/27 to 2028/29, a Minimum Revenue Provision Policy Statement, and details on the Council's borrowing need and expected investment balances. The report also outlined the current and projected debt positions, borrowing strategy, and approved sources of borrowing. The Annual Investment Strategy detailed the investment policy, creditworthiness policy, country limits, and investment risk benchmarking. The Capital Strategy provided a high-level overview of how capital expenditure, financing, and treasury management contribute to service provision, risk management, and future financial sustainability.

Statement of Accounts 2024/25 – Audited

A supplemental agenda item concerned the audited Statement of Accounts for 2024/25. This report, presented by the Strategic Director of Finance, was to be considered by the committee for approval. It included the Audit Completion Reports from the external auditors, Mazars, on matters arising from the audit of the Statement of Accounts and the Pension Fund Statement of Accounts. The report noted that due to time constraints and the need to rebuild assurance following previous disclaimers of opinion, the auditors would be issuing a disclaimer opinion on the 2024/25 financial statements. The committee was asked to approve the audited Statement of Accounts, note the Pension Fund Annual Report, and authorise the Strategic Director of Finance to make any final minor amendments.

The meeting also included standard agenda items such as noting the attendance of reserve members, receiving declarations of interest, confirming minutes of the previous meeting, noting any public questions, petitions, deputations, and references from other committees. An External Audit Report was also listed as To Follow .