Decision details

It was reported that the risk assurance map for the LCPF had been developed following an independent assessment of risk assurance in 2016 when the Fund was undergoing a period of change, particularly with regard to the formation of pooling arrangements.

The Board was informed that maintenance of the map was complex and time-consuming and was no longer considered necessary for the Fund as the key risks and controls could easily be identified from the Risk Register and the Risk and Governance Officer regularly met with the Chief Risk Officer at LPP to discuss monitor and review current risks. Board members were also assured that the 24 observations which had been assessed as part of the formulation of the map were addressed by the existing Risk Register.

Resolved: That the update, maintenance or presentation of the Risk  Assurance Map for the Lancashire County Pension Fund be discontinued with immediate effect.