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Hatchett, J., Bowie, D. and Forrester, N. (2010)Risk management for DB pension funds


"The promise of enterprise risk management is that it provides increased organisational effectiveness of disparate risk management functions through a central coordinating function that has clear ownership and accountability for overall risk management. The central function can identify and assess dependency between different risks. It can then take a holistic approach to dealing with each risk based on the overall risk profile and appetite of the organisation. Through coordinating the various risk management functions, a central function can increase homogeneity of reporting giving improved clarity and consistency of risk reporting which should lead to improved management decision making. Senior management will be better informed when making material decisions and should be better able to assess risk/return trade-offs, as well as having an alternative insight into emerging risks and opportunities. In this paper, we seek to apply some of the lessons of enterprise risk management to the challenge of managing a defined benefit pension scheme in the UK, to try and develop a framework for understanding the current approach to financial management. We seek to draw out the key stakeholders and their objectives; since their objectives are different they have different perspectives on risks. We also examine some of the regulatory guidance and constraints in the UK and seek to judge its effectiveness against its stated goal of managing pension scheme funding risks."

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