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In addition to the five principal risks outlined above, Scottish Enterprise also recognises a strategic, corporate risk around the slowing pace of the energy transition and our ability to catalyse net zero/energy transition opportunities as part of our Accelerating the Energy Transition mission while also successfully delivering our net zero targets. This risk is owned by a member of Scottish Enterprise's Executive Leadership Team, is monitored through the regular review of the Corporate Risk Register and is mitigated through actions including:
Defined priorities, roadmap, milestones and objectives for our Accelerating the Energy Transition mission.
Regular monitoring and reporting of progress on mission delivery and reductions in our emissions.
Ungoing engagement with the Scottish Government on relevant sector policies and priorities.
Delivery of the commitments set out in Scottish Enterprise's Net Zero Plan.
Alignment of missions to realise net zero market opportunities and embedding net zero across mission delivery.
Building climate literacy and capability across the organisation.
Reflecting our increasing ambitions and enhanced climate reporting requirements, a key objective in Scottish Enterprise's 2025-26 Net Zero Plan is the completion of a strategic climate change risk assessment, aligned with Adaptation Scotland guidance.
A short-life, cross-organisational working group undertook this detailed assessment and identified a range of climate-related risks and opportunities across various themes, including financial, people, property and health and safety and economic development.
This strengthened understanding of climate risks for Scottish Enterprise's operations will inform the development of a corporate adaptation plan during 2026-27. The plan will contribute to strengthening our resilience, reducing vulnerabilities and capitalising on opportunities arising from the current and anticipated impacts of climate change.
The Audit and Risk Committee supports the Board in fulfilling its responsibilities in relation to risk management, control, governance and associated assurance.
The Audit and Risk Committee seeks assurances from a range of sources, principally from management, internal audit and external audit. These sources of assurance provide insight into the effectiveness of risk management, governance and internal control arrangements, highlighting areas of strength and those requiring further attention or improvement.