The Pensions Regulator's alert to risks in the economic downturn is a timely reminder that desperate times call for desperate measures.
While it is debateable, the extent to which the weight of legislation that has borne down on trustees since then has really made a repeat less likely, the regulator's influence in the area of scheme governance has certainly been positive.
Trustees should be clear about their responsibility for scheme governance, and within that framework, for strong risk management and internal controls.
The regulator issued Code of Practice 9 on Internal Controls in November 2006 and additional guidance in February 2007 - since then many schemes have undertaken a thorough risk review and have a risk register which is regularly updated.
A sizeable number, however, have still not properly addressed this issue.
The regulator's alert should therefore be the stimulus for all trustees to ensure they have addressed risk management in a comprehensive fashion.
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