Earlier this year we conducted a survey to assess how confident pension trustees and corporate sponsors feel about some fundamental areas of risk. We focussed on legal and regulatory risks, rather than the areas covered by The Pensions Regulator’s Integrated Risk Management framework. We were interested to understand whether there are any gaps in existing approaches to risk management.
Our survey results show that most pension schemes have an established internal controls process, but there is a level of uncertainty about whether enough is being done to assess and mitigate key risks.
Risk management is an evolving process. We invite our readers to keep pace with developments affecting the “stay awake” risks identified in our survey, by following our Protect Against Unmitigated Liabilities campaign (#meetPAUL) online. Over the coming weeks we will issue a series of factsheets containing simple and practical suggestions for assessing and mitigating risk, which can be built into business plans and used by trustees and corporate sponsors to reinvigorate and strengthen their risk management processes.
For further information please contact any of our Pensions team.