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Governance and Risk Management

Engaging with Trustees to achieve their objectives.
Risk Management Survey 2020
Crowe, in association with Pensions Age, is undertaking its fourth survey into the risk management of Trust based pension schemes. Completion of this survey each year identifies trends in risk management and there are some new questions on any changes made in relation to COVID-19 and fraud and cybercrime.  If you are actively involved in managing occupational Trust based pension arrangements, we would appreciate it if you could complete this short survey. It will take no longer than 10 minutes to complete and the survey will close on 31 October 2020.
Our services
Assurance of controls
Documented risk assessment
Monitoring governance 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 governance 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
After implementing new procedures and policies for GDPR, Trustees wanted us to confirm whether these were operating effectively.
Solution
We agreed a project plan with the Trustees to ensure that the controls and procedures were complying with their own policies and GDPR requirements.
Outcome
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.
Challenge
After implementing new procedures and policies for GDPR, Trustees wanted us to confirm whether these were operating effectively.
Solution
We agreed a project plan with the Trustees to ensure that the controls and procedures were complying with their own policies and GDPR requirements.
Outcome
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
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.
Solution
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.
Outcome
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.
Challenge
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.
Solution
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.
Outcome
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.

Assurance of controls

Challenge
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.
Solution
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.
Outcome
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.
Challenge
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.
Solution
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.
Outcome
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.

Contact us

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