Risk Management System

Trustees are required to establish and operate internal controls that are adequate for the purpose of securing that their scheme is properly run. In the Internal Controls code of practice, the Regulator extends this by requiring trustees to assess risk.

The aim of the Risk Management System is to:

• Identify and prioritise risks
• Define risk management objectives
• Develop risk control tools
• Manage the risk in the future

The output of the process includes a risk and control matrix and a written action plan.