may be keen to demonstrate how their technology can bring risk registers into
the 21st Century but somehow they often still persist in being the
forlorn document of scheme governance, sitting on their own in meeting papers,
given a cursory glance from time to time, overlooked in favour of more exciting
time, has certainly come, this is when a good risk register is centre stage as
the single most important governance document a scheme has, and a well-written
one inspires confidence that the scheme is well run in members, sponsors and
regulators even when under extreme pressure.
abstract to action orientated
‘risk’ is a rather abstract idea. People are much more comfortable with
‘actions’, which are concrete and easy to understand. The current situation is
showing why relating risk , to mitigations and actions is crucial.
business plans and annual calendars are extremely useful and practical working
documents. They are action-driven which appeals to us as people, yet it is
often overlooked that these ‘actions’ are, of course, the very
same items listed as‘controls’on the
the annual calendar and risk register in the same document, so the two can be
seen side by side brings the concept of active risk mitigation to life and at a
time when so many risks are jostling for priority delivers clarity.
actions are agreed for the annual calendar automatically go onto the risk
register as a new control. As events develop and the risk register is updated,
new controls are agreed, and they go onto the calendar.
all the clever technology solutions it is easy to get carried away and try to
incorporate too many metrics, when as is clear from the current situation,
prioritising risks is as important to being able to identify them.
time to pick the main ones for your scheme, and then putting the dashboard on
the front of the same calendar/risk register document or online system helps
Trustees maintain their strategic objective.
approach generates a single, strong governance document summarising all of the
key controls for your scheme and how
they are being managed. It is flexible enough to incorporate even rapid changes
and gives the Trustee Board a key area of focus.
is the time for risk management registers to assume centre stage.
If you would like to discuss how Pi could help
in the management of your scheme please contact firstname.lastname@example.org or your
usual Pi contact.
Pi Partnership provides specialist independent
consulting to employers, occupational pension schemes and Boards of trustees.
We are one of the leading providers of independent scheme secretaries and
provide professional trustee services to a wide range of pension schemes. Over
the last 20 years, we’ve worked with clients ranging from FTSE100 companies to
small charitable organisations. For more information about the services, we can
offer your business contact
Every year we host a number of seminars through Pi Consulting.