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Governance and Risk Management

Engaging with Trustees to achieve their objectives.
Our services
Assurance of controls
Documented risk assessment
Monitoring government framework
Trustee effectiveness
Assurance of controls
  • Do you have appropriate controls in place?
  • Are the controls working?
  • Are members receiving the correct number of benefits?
Documented risk assessment
  • Have you considered your appetite for risk?
  • Are you getting the right information at the right time?
  • What are the key operational risks of the scheme?

 

Monitoring government framework
  • Do you have a business plan?
  • How is the performance of the scheme monitored against the business plan?
  • Do you know who is responsible for what?
Trustee effectiveness
  • Do you have the right skills and experience?
  • Are you using your advisors productively?
  • Are Trustees getting the right support?
Download our interactive pdf.

Governance and Risk Management Assessment

These are just some of the questions you should be asking when assessing governance.

Our guide looks at the areas you should consider and gives you a step-by-step guide on to proceed.

Case studies

Risk management
Challenge    Solution    Outcome
After implementing new procedures and policies for GDPR, Trustees wanted us to confirm whether these were operating effectively. ic_keyboard_arrow_right_black_24px  We agreed a project plan with the Trustees to ensure that the controls and procedures were complying with their own policies and GDPR requirements. ic_keyboard_arrow_right_black_24px  We identified gaps in their policies / procedures and assisted the Trustees in implementing appropriate changes to ensure that they complied with the schemes arrangements and GDPR.
Internal audit
Challenge    Solution    Outcome
The Trustees recognised the need for additional assurance from an internal audit function, to confirm that the controls identified in their risk register were operating effectively. ic_keyboard_arrow_right_black_24px  We carried out an assurance mapping exercise with the Trustees to identify where they were currently receiving independent assurance over the operation of controls from their external auditors and other advisors, and where there were gaps. ic_keyboard_arrow_right_black_24px  The gaps identified in the mapping exercise were used to form the basis of a programme of internal audit work for the scheme, giving Trustees comfort over their governance arrangements.
Assurance of controls
Challenge    Solution    Outcome
All schemes are at different stages on a journey to self-sufficiency. This scheme was undergoing significant changes in their governance and investment strategy and the Trustees wanted to ensure that current risk framework in place was still fit for purpose. ic_keyboard_arrow_right_black_24px  We worked with the Trustees to map their information flows and the impact of the changes on the risk register. This included consideration of the risk levels of each area of the risk register after considering the changing risk appetite of the Trustees. ic_keyboard_arrow_right_black_24px  The risk process is now embedded in the Trustees’ day- to-day risk management process and provides comfort to Trustees over the governance structure of the scheme throughout the year.

News and Insights
Protect your pension scheme against fraud by asking your third party suppliers six key questions.
TPR launches new consultation on the future of pension scheme trusteeship and governance.
Our 2018 risk management survey reveals the biggest risks facing UK pension arrangements.
What it is and why Pension Funds Trustees should consider it.
Protect your pension scheme against fraud by asking your third party suppliers six key questions.
TPR launches new consultation on the future of pension scheme trusteeship and governance.
Our 2018 risk management survey reveals the biggest risks facing UK pension arrangements.
What it is and why Pension Funds Trustees should consider it.

Contact us

Judith Hetherington
Judith Hetherington
Partner, Pensions Funds Group
London & Midlands