Governance and Risk Management

Risk management

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.

Governance and Risk Management