We are pleased to present the fourth edition of our risk management report, which follows on from previous years, looking at the results of our 2020 risk management survey and considering the impact of COVID-19 on pension schemes’ operational activities and strategic plans.
Download the risk management report
2020 was a year of challenges for Trustees following the impact of COVID-19. It is clear that a significant amount of work has been completed to ensure the operations of pension schemes remained unaffected. However, with the increased risk of cybercrime and fraud together with changes to working practices over the last year, here are six key questions that Trustees should be asking.
Our new webinar discusses the report highlights and the impact this has on the governance of pension schemes, including:
A pension scheme’s third party suppliers include those who undertake member administration, pensions payroll, banking and asset management, payment processing, insurance including buy-ins, accounting, actuarial, legal and other support services. Many will hold or have access to sensitive personal data, commercial data and have payment/asset transfer capabilities.
We can help clients to implement an action plan to ensure that the pension scheme has the controls and procedures in place to minimise the threat posed from fraud.
Where a fraud or other financial loss through dishonesty occurs, we can discover what has happened, identify those responsible, prevent further loss (financial and reputational) and recover what has been taken.
We assess the vulnerability of pension organisation to cybercrime, to highlight strengths and weaknesses in protection and, to recommend any improvements. Our cybercrime vulnerability review works with Trustees to consider:
We work with pension scheme Trustees and their advisors to help them better understand the full effects of cybercrime.
The success of pension schemes in providing the best possible outcomes for members will be enhanced by an effective Trustee Board.
This means that we need to understand what skills, expertise, experience and personalities are on the Trustee board, to enable us to provide you with constructive feedback so that you can drive the scheme forward to meet its objectives.
We also need to understand your structures and processes which support your decision making.
Our internal audit approach is delivered through co-sourcing, outsourcing or a combination of these approaches.
Our pensions internal audit service provides assurance that appropriate policies, procedures and controls are in place to mitigate key pension scheme risks as part of good scheme governance and supports the latest ‘21st Century Trusteeship’ initiative and Codes of Practice issued by the Pensions Regulator.
With the expanding regulatory requirements on Trustees to take ownership of risk management of their schemes, having good systems in place is vital to ensure compliance.
We help and support Trustees by evaluating pension scheme governance arrangements, including risk management, policies and practices.
This will lead to good decision making and good member outcomes.