Solutions IORP II Risk Governance Scan

IORP II Risk Governance Scan

The IORP II directive introduces new requirements in the area of governance and risk management. Pension funds will, for example, soon have to have independent key officials (actuarial, risk management and internal audit functions) and will also have to draw up an Own Risk Assessment (Eigen Risico Beheer – ERB). This requires changes to the existing organisation, policy, procedures, tasks, and responsibilities. The IORP II Risk Governance Scan makes it immediately clear where you currently stand and which steps are still needed.

IORP II is a directive from the European Union. Beginning in January 2019, IORP II will be incorporated into Dutch legislation and regulations for pension institutions. This will harmonise supervision in Europe. As a supervisory authority, DNB provides information and asks pension funds to assess the possible impact of IORP II on their own organisation. Careless implementation can lead to gaps in business operations resulting in risks that are not adequately controlled. It can also lead to an overlap of work between new and existing functions, running implementation costs unnecessarily high. Pension funds still have this current year to prepare for IORP II.

IORP II Risk Governance Scan

Our IORP II scan assesses the extent to which your pension fund is ready for the new IORP II requirements. This scan provides you with a clear picture of the fits & gaps between your current situation and the new requirements. This gives you a clear basis for your IORP II implementation plan. And that can help set the right priorities for adapting your governance and risk management.

IORP II scan method

The items covered in our IORP II scan include:

  • Governance and policy making;
  • Required key functions (risk management, internal audit, and actuarial functions);
  • Own Risk Assessment.

Our experts analyse your readiness for these topics using forty underlying IORP II requirements. The analysis takes place using existing fund documents (such as an Actuarial and Technical Business Report), reports and interviews.

We provide visual insight into the results of the analysis, allowing you to see immediately the extent that your current layout already complies with IORP II. Based on this, you can prepare for IORP II and implement it effectively. Where necessary, we can further support you with specific implementation issues.

Triple A

Triple A employees have extensive experience in governance and risk management with pension funds, insurers, and the regulator. This provides you with honest and controlled management and also prevents double costs. With your pension fund IORP II compliant, you can then focus on your own organisation and set your own priorities.

Interested? Contact us
Related to IORP II Risk Governance Scan

Risk & Strategy Consulting

Understanding financial risks is a complex matter. We lay the foundations for your strategy and help you comply with laws and regulations.
All solutions
Call me back

© 2019 AAA Riskfinance. All rights reserved.