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home Industries Pension Funds

Governance and Risk Management

Engaging with Trustees to achieve their objectives.
Get in touch

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?
picture_as_pdf governance and risk
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

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.

News and insights

The Pensions Regulator releases update on single code of practice
The Pensions Regulator announces update on the single code of practice, incorporating the changes from the EU Pensions Directive (IORP II).
The Threat of Cybercrime to Pensions Organisations
Recent ransomware attack on a pensions administrator should prompt Trustees to review their processes.

Contact us

Andrew Penketh
Andrew Penketh
Head of Pension Funds
London
+44 (0)20 7842 7355
Read full CV