WEBVTT

00:00:12.240 --> 00:00:12.600
If you’re

00:00:12.600 --> 00:00:15.640
a trustee or pensions
manager of an occupational pension

00:00:15.640 --> 00:00:18.760
scheme with 100 or more members,
there's a new requirement

00:00:18.760 --> 00:00:22.120
you can't ignore - the first Own
Risk Assessment or ORA.

00:00:22.560 --> 00:00:26.560
I'm Clare, and I'm Jake, and together
we're going to walk you through

00:00:26.560 --> 00:00:30.160
what the ORA is, why it matters,
and how you can get ahead

00:00:30.160 --> 00:00:33.160
with your planning.

00:00:35.040 --> 00:00:37.640
The ORA is a holistic governance review.

00:00:37.640 --> 00:00:42.720
It's a living document that helps trustees
identify, evaluate, and manage risks

00:00:42.720 --> 00:00:46.200
within an Effective System of Governance –
or ESOG framework.

00:00:46.920 --> 00:00:50.720
By completing it properly,
you can spot gaps, address risks,

00:00:51.000 --> 00:00:53.960
and ultimately improve outcomes
for your members.

00:00:53.960 --> 00:00:57.280
This isn't just about meeting
a regulatory requirement.

00:00:57.280 --> 00:01:00.840
The ORA is a chance to step back and reflect
on how your scheme operates,

00:01:01.160 --> 00:01:03.600
test whether governance policies
are being followed,

00:01:03.600 --> 00:01:06.320
and strengthen
your risk management processes.

00:01:06.320 --> 00:01:10.200
Ultimately, it's about delivering better
long-term outcomes for members

00:01:10.480 --> 00:01:13.840
and ensuring your scheme is resilient
in a changing environment.

00:01:19.800 --> 00:01:20.600
At IGG,

00:01:20.600 --> 00:01:23.960
we already support over
450 pension scheme clients,

00:01:24.360 --> 00:01:27.400
and we've been actively managing
the ORA process for many of them.

00:01:27.800 --> 00:01:30.840
We know the deadlines,
we understand the process,

00:01:31.080 --> 00:01:34.400
and we have the experience
to make it efficient and cost-effective.

00:01:34.640 --> 00:01:36.360
We start with a Gap Analysis -

00:01:36.360 --> 00:01:39.960
a clear, concise report showing
where you stand and what needs to be done.

00:01:40.280 --> 00:01:43.120
Then we guide you through
all 18 governance modules,

00:01:43.120 --> 00:01:46.120
from investment matters
to communication and disclosure,

00:01:46.160 --> 00:01:48.200
so you meet every requirement.

00:01:48.200 --> 00:01:50.920
We approach the ORA
by breaking it down into three

00:01:50.920 --> 00:01:53.920
areas: The What, the When, and the Why.

00:01:54.400 --> 00:01:58.480
First, we help you define the scope.
What needs to be reviewed?

00:01:58.880 --> 00:02:00.080
Who will do it?

00:02:00.080 --> 00:02:03.040
Who's responsible
for the risk management function?

00:02:03.040 --> 00:02:05.240
Then we work backwards from your deadline
to work out the ‘When’.

00:02:05.240 --> 00:02:08.560
We build in time
for the trustee board to discuss

00:02:08.560 --> 00:02:12.920
findings, agree actions,
and have the Chair's Declaration signed.

00:02:13.800 --> 00:02:15.880
Finally, we explore the ‘Why’ -

00:02:15.880 --> 00:02:19.280
because completing your ORA
should also form a structured opportunity

00:02:19.440 --> 00:02:23.440
to focus on governance quality,
not just the operational tasks.

00:02:23.920 --> 00:02:26.880
It's a chance to make sure your scheme's
foundations are strong.

00:02:33.560 --> 00:02:36.440
Policies aren't a ‘set and forget’ exercise.

00:02:36.440 --> 00:02:39.960
They need to be tested regularly
to make sure they're fit for purpose,

00:02:40.440 --> 00:02:44.800
adapted as a scheme evolves,
and clearly understood by trustees.

00:02:45.520 --> 00:02:49.040
Over time, people,
systems and risks change.

00:02:49.440 --> 00:02:52.800
If your policies aren't reviewed,
they can quickly become outdated -

00:02:53.080 --> 00:02:56.080
exposing your scheme to unnecessary risk.

00:02:56.160 --> 00:02:59.840
The ORA also requires trustees,
to review the governance and risk management

00:02:59.840 --> 00:03:03.080
practices of your third-party
advisors and service providers.

00:03:03.600 --> 00:03:06.880
It's about making sure their processes
align with the General Code,

00:03:07.160 --> 00:03:11.160
and that expectations and responsibilities
are clearly documented and understood.

00:03:12.120 --> 00:03:14.560
Good preparation makes all the difference.

00:03:14.560 --> 00:03:16.320
Keep well-organised records,

00:03:16.320 --> 00:03:20.680
maintain audit trails,
assign responsibilities early, and review

00:03:20.680 --> 00:03:24.760
key policies regularly or when there is
a material change to your scheme.

00:03:25.560 --> 00:03:28.840
Document every decision and discussion.
That evidence

00:03:28.840 --> 00:03:32.680
not only supports your ORA
but strengthens your ongoing governance.

00:03:38.880 --> 00:03:39.880
At IGG, we take a pragmatic,

00:03:39.880 --> 00:03:42.880
proportionate approach to the ORA.

00:03:42.960 --> 00:03:46.560
We can run awareness and training
sessions, review your documentation

00:03:46.560 --> 00:03:49.560
or manage the full ORA process
from start to finish.

00:03:49.560 --> 00:03:53.600
We take the complexity out of the ORA,
so you can focus on running your scheme

00:03:53.600 --> 00:03:54.720
with confidence.

00:03:54.720 --> 00:03:56.600
Don't leave it until the last minute.

00:03:56.600 --> 00:04:00.560
Get in touch with IGG today, and we'll help
you meet your ORA requirements -

00:04:00.960 --> 00:04:05.440
confidently, efficiently, and with
governance that really works in practice.