How IGG can help you complete your ORA
The Own Risk Assessment (“ORA”) is a process where trustees of schemes with more than 100 members must identify, evaluate and manage risks using an Effective Systems of Governance (“ESOG”) framework, as outlined in the Pension Regulator’s General Code.
All pension schemes must complete their ORA within 12 months of the first full scheme year following 28th March 2024. As one of the UK’s leading providers of governance services to pension schemes, IGG is here to help you meet that deadline.
We help look after the pension arrangements of more than 450 clients, including actively managing the ORA process for many of these schemes.
What is an Own Risk Assessment?
The ORA is a living document that is intended to evolve alongside governance practices.
As well as ensuring compliance, the ORA allows trustees to systematically identify, document and address any gaps or risks in their existing governance framework that represent significant issues, in turn ensuring positive member outcomes.
To complete the ORA, scheme trustees must complete several steps including: establishing and maintaining ESOG frameworks; agreeing responsibilities; understanding completion deadlines for execution and trustee board approvals; undertaking the Own Risk Assessment; and arranging for the Chair of Trustees to sign the required Declaration.
We can help
Our dedicated team has the expertise, experience and resource to help trustee boards to tackle what is required for the ORA under the General Code, efficiently and cost effectively.
Starting with a comprehensive Gap Analysis, our team of experts will create a comprehensive report in an easy-to-digest format, setting out what should, and could, be done.
The team will then work through each of the 18 governance modules which cover items such as management of activities, organisational structure, investment matters, communication and disclosure, ensuring you meet the ORA deadline and requirements.
