ERM for pension funds and sponsors [21]

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Bullet points include: Availability of skilled resources to manage and monitor risks holistically. Often greater use of external expertise, management of agency issues. Need for clear mission and objectives and aligned management policies. Requires value propositions which are practical and acceptable to both members and sponsors. For fund in isolation: need to manage interaction between sponsor covenant risk, investment strategy and contribution policy. Risk committees rather than just investment committees? When definition expanded to include sponsor: Wider array of risks, larger stakeholder base, more management interfaces and additional decision-making constraints. How to handle risks arising from ‘social’ element of pensions?

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