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The Audit Committee: 
  
1.    
Noted that a risk deep dive
report from an Executive
Director  
         
each meeting, providing a narrative of their
strategic risks 
         
and the steps they have taken
to mitigate and
manage  
         
each risk, starting at the 30 May 2024 meeting, with
a report 
         
from the Executive Director of Resources and
Corporate 
         
Services. 
 
2.    
Received information that
a Workshop will be held with CLT in April/May
2024 to explore the challenges and identify solutions in continuing to
improve the quality of strategic risk identification and management
at Somerset, whether this is regarding
governance, reporting, accountability, clarification
of roles and responsibilities and any other necessary
step. 
 
3.   
Noted that a proposed
revised RAG matrix will be reported to Audit Committee following
the CLT workshop and presentation to Statutory Officers Board (SOB)
and/or Performance, Risk & Budget Board (PRBB). 
 
4.   
Noted that a
proposed risk appetite approach will be reported to
Audit Committee following the CLT workshop and presentation to SOB
and/or PRBB. 
 
5.   
Noted the current strategic risks for Somerset Council set out in
Appendix One of
the report. 
 
6.   
Noted the responses to the
questions raised by the Committee’s Independent person in a
meeting on the 14 February 2024 that was held following the January
committee.