Issue - meetings

To approve as a correct record the minutes of the Audit & Governance Committee held on 14 July 2022.

Lead:  Chair

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3.1           The minutes of the meeting held on 14^th July 2022 were considered for their accuracy.

3.2           The Finance Director updated on the following matters: 

·          Pt 8.3 The Chair wanted to ensure there was a clear link between the Risk Register and the internal audit plan in terms of highlighting controls and processes to manage and mitigate risk and he thanked RSM for their work – a meeting was held with the internal audit function.

·          Pt 10.4 Mr Brady inquired that now risks relating to NPR business case have closed, does co-sponsor arrangements with the department remain as risks? TCR11 is a theme within the corporate risk register, which was created in May and incudes 2 risk factors relating to co-sponsorship. Risk reviews have also been held to review and identify risks relating to co-sponsorship at functional/project level.

·          Pt 10.5 Mr Brady asked, in relation to the co-sponsorship arrangement, who owns the sponsor board? Is it TfN led? DfT and TfN are co-sponsors although the funding would be provided by the Department.

·          Pt 10.6 Mr Brady thought the risk register did not tease out how full member buy-in would be achieved for the STP2 related risk. TRC03 Risk 881 amended. Risk description and mitigation actions to be more explicit.

·          Pt 10.7 Mr Brady raised that there was challenge in terms of the TAME opportunity for TfN on how we free up resource to explore the opportunity and how do we follow those opportunities and aspirations without impacting on grant deal with department? New mitigation action was raised relating to the TfN Working Group to define TfN as a Centre of Excellence.

·          Pt 10.8 Mr Brady thought TCR13 – Funding mitigations were clear for value for money and case for funding but no reference to underpinning principle of devolution and that subsidiarity to the North. A new action was raised for Risk 878 in relation to exploring future funding opportunities.

Pt 10.9 Cllr Little raised the risk around the relationship with the Department. Currently have no Secretary of State. Uncertain what the government wants the relationship to be between us and other Strategic Transport Bodies. Risk 879 probability, current and target position, has been increased based on the uncertainty of the current political environment.

Resolved:

Thatthe minutes of 14 July be formally approved as a true and accurate record.

To approve as a correct record the minutes of the Audit & Governance Committee held on 14 July 2022.

Lead:  Chair

.