Integrated Risk Management (IRM)

We support and guide Pension Funds Trustees in understanding IRM.

What is Integrated Risk Management?

The concept of IRM was introduced by the Pensions Regulator primarily to provide guidance to Trustees as to how they could more effectively manage the risks associated with ensuring adequate funding levels for their pension arrangements.

The Pensions Regulator has identified three activities which impact most on a defined benefit pension arrangement’s funding position i.e. the Employer Covenant, funding assumptions and investment strategy and has asked Trustees to consider in more detail the potential co-dependencies between each of these risks.

IRM infographic

Our approach

We recognise that understanding the co-dependencies between the three key risk areas is important but we are concerned that little additional work is taking place focusing on the other risk areas we describe above.

We support Trustees in reviewing their risk management programmes in the context of IRM and, in fact, encourage clients to apply the principles underpinning IRM to all risks not just the key financial risks identified by the Pensions Regulator.

Our services

  • Analyse your cumulative impact of multiple risks arising from certain events (‘risk contagion’)
  • Assess and mitigation of risks relating to the inter-connectivity between differing risks/activities (e.g. what will be the cumulative impact if a global recession happens tomorrow?)
  • Advise on mitigating inter-connected risk
  • Assist with scenario and contingency planning and the development of ‘trigger events’ which reflect your your appetite for risk
  • Help establish greater clarity of roles and responsibilities for all key stakeholders (including advisors)
  • Set up effective monitoring of risks, including regular reviews to check monitoring is taking place
  • Document key decision-making in the context of your pension scheme’s long term strategy and your risk philosophy

Managing pension risks effectively

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