Effective risk management should keep trustees on course to meet their objectives, with a robust governance and operational structure and practices supporting their strategy. It enables trustees to understand what might disrupt or expedite their plans or affect the timeframes they have set themselves. Risk management may ultimately determine how successfully trustees achieve their objectives.
Trustee Risk Management Framework
Risk management can be seen as a chore or too difficult. We can help you understand and manage risk in a way that sets you up for success to achieve your objectives.
Understanding controls and how effective they are can be daunting. We bring our insights so that you’re able to focus on what matters and address operational matters that might otherwise de-rail your strategic plans.
Risk Register Review
We work with trustees to use their risk register as an integral part of decision making. Understanding the risk profile of your scheme helps you to stay focused on the big questions and decisions.
By monitoring controls and issues, problems can be surfaced quickly and action taken.
We can review your existing risk register, develop a new one or help you find and implement an online risk management system.
Want to learn more about how our Risk Management offering could help?
Trustee Own Risk Assessment
The ORA is an assessment of the effectiveness of your system of governance – helping you determine that you have the right controls in place and that they are effective in managing your risks.
The ESOG review and ORA reporting should have a clear purpose and add value to your scheme’s governance, providing a roadmap of actions. Ideally we will build on what is already in place within your scheme and rebadge what we can. We want to enable you to enhance your governance and leave you with a useful and efficient process for the future.
Risks are never truly mitigated but having contingency planning in place can help with reducing the impact of risks when they materialise. We can help you document a plan to help you navigate through situations such as when a key trustee leaves the Board or if the administrator is no longer able to pay pensioner payroll.
Some level of risk may be acceptable. We can help you consider and frame how much risk the trustee is willing to take.
Risk appetite guides the strength and type of the controls you need - we can help you consider how effective your controls are.
Knowing what is acceptable risk exposure and when issues need to be brought to your attention helps define the risk escalation process.
Having clarity on controls and issues relative to risk appetite enables you to define the MI and assurance you require.
Muse helped us review the Trustee’s approach to managing risk, introducing and documenting a new risk management framework, which set out the Scheme’s risk governance and processes, dovetailing with operational risk management practices. Rosanne worked with me to facilitate workshops for the Trustee Board to agree its strategic objectives, risk appetite and key risks. Together we developed a reporting dashboard for the board, showing risk trends, incident reporting, project risk tracking and horizon scanning of emerging risks. She also worked closely with the Operational Risk Manager to embed good risk management practices within the in-house Trustee Executive team. In parallel, Rosanne worked with the Trustee’s Governance Committee to embed a new internal audit work partner and agree the internal audit workplan. Rosanne brought insights and expertise into risk management practices with other large pension schemes and brought risk alive for our scheme so that we understood its value. The trust she built enabled us to tackle complex issues, whilst developing simple and effective solutions for the Trustee Board.
Head of Legal and Compliance of Trustee Executive Limited, National Grid - Trustee Executive Limited
When we selected Muse as our Risk Key Function Holder, we were looking for something special that would add value to the Scheme by constructively challenging our perspective. We were not disappointed.
Chair of Trustees, large Irish DC Scheme
Helping Trustees and Companies to better govern their pension schemes
Get in touch today to find out how we can help.