| Operational
Risk Review and Internal Controls
We passionately believe that there is a lack
of adequate reporting to Trustees and the Company to allow
them to be comforted that the pension scheme is running properly
and operating effectively. Therefore, Silver
Wolf Associates has devised a monthly
reporting service to provide transparency to the Trustees
and the Company. This service has been designed to set the
benchmark to meet and surpass the requirements of the Pensions
Regulator scope document on Internal Controls.
The Report produced by Silver Wolf Associates will
| • |
be tailored for each pension scheme from an initial
template |
| • |
be produced monthly |
| • |
give a three page executive summary for Trustees and
Company representative to analyse at speed |
| • |
give a detailed breakdown of risk areas, the nature
of the risk, the timescales involved, outline who is responsible
and report progress on issues |
| • |
include key metrics that are colour coded to provide
the Red, Amber, Green highlighting to allow the reader
to quickly see issues |
| • |
include graphical representation for easier analysis
|
| • |
include a trend analysis for six to twelve months depending
on the metric. |
Trustees can at last have a service that proactively monitors
risk against legal, financial, reputational matters and internal
standards. The initial report provides the basic framework
and we will work with the Trustees to tailor the report to
their needs.
Please see the chart above for an example of
the executive summary which in practice should run to three
pages. It is colour coded to highlight issues arising in amber
and breaches of external standards in red. Click
here if you wish to see a larger image.
As well as the executive summary, the report will also provide
the detailed analysis to allow Trustees and Company representative
to drill down to the issues, ask appropriate questions, be
satisfied that actions are being taken to resolve problems
and ensure those actions are owned by individuals.
Our aim is to allow Trustees to spend 10-15 minutes on a
monthly basis to either be comforted by the day to day operations
of the pension scheme or to understand the issues that are
arising. The Trustees will therefore have the opportunity
to deal with the issues immediately rather than waiting for
the next trustee meeting.
“Silver Wolf
Associates have demonstrated their excellent knowledge and
experience in this review and I have been very impressed with
the results – very thorough and professional.”
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Services'
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