Pension Funds Risk Management

We support and guide Pension Funds Trustees (and sponsors) in managing risks.

What we do

  • Develop or confirm your risk philosophy or strategy
  • Identify suitable processes to prioritise key risks (including maximising value from a risk register)
  • Review and monitor the control mechanisms which mitigate these key risks
  • Benchmark risk management practices against the market-place, using our 2017 Risk Management survey
  • Ensure an appropriate early warning system is in place to identify potential areas before they become a problem
  • Respond to specific pension risk issues (e.g. IRM, data protection, cyber risks, etc.)

Three key focus areas for Trustees

  1. Ensuring the right risk culture exists
    • what are the Trustees’ views on managing risk?
    • How seriously is risk management being taken?
  2. Developing a cost-effective risk process
    e.g. how do Trustees consistently and objectively measure risks?
  3. Implementing an appropriate risk infrastructure
    e.g. what is the best approach to measuring and controlling risks?
    Who is personally accountable for managing pension risks?

Within these three areas, answering each of the questions below positively means that you have a very effective risk management programme. If not, there is work to be done!

How we work

Recognising that every client is different, we structure our services into six modules, allowing you to choose the level of service you need:

  • Trustee alignment
    • Trustees complete our electronic survey
    • We analyse the survey results
    • We present result to a Trustee workshop
  • Risk register
    • Review current Risk Register (layout risk, scoring, prioritisation, controls, etc)
    • Provide detailed report suggesting areas for change
  • Risk advisor
    • Ongoing support (incuding quarterly updates of Risk register)
    • Regular updates of market best practice
    • Annual workshop for Trustees on risk management
  • Risk revamp
    • Full retailed review of risk management programme
    • evaluation of strategy, approach, risk assessment and migitation
  • Assurance services
    • Detailed ausit of risk management programme, including:
      • the scheme’s governance programme
      • effectiveness of how risks are being mitigated via the use of control mechanisms
  • Advisory support
    • Integrated Risk Management
    • GDPR and cyber-security assessment
    • Covenant discussions
    • General project and change management support
We hold an initial meeting to discuss your specific needs regarding pension risk management going forward, then customise our services appropriately, based on the modules above.
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6

Cyber risk at forefront of pension scheme concerns

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