How can a risk register become a living document?

The creation of a risk register to comply with Code 9 from the Pensions Regulator is a challenge for any group of pension scheme trustees. Making the register into a living document that can add value to the current activities of the board is an even greater one. How can this be achieved?

Our client had seen a number of changes in the Trustee Board in recent times and therefore the use and ownership of the risk register had fallen into disrepair.

Following discussion with the Chairman, we assisted by facilitating a meeting of the trustee board using our pensions risk toolkit. This session utilised the previous risk register as a starting point but also enabled the Trustee to consider the current position of the scheme, thereby identifying current risks and considering appropriate mitigating actions.

The session also provided a learning opportunity for the trustees that were new to their role as it gave them the opportunity to debate all aspects of the scheme through a facilitator.

By slimming down and focussing the ongoing risk register, it became a more appropriate working document that could be considered as part of the regular business at future trustee meetings.