Pension fund trustees must follow its constitution along with laws and regulations.

Challenge

Pension funds have to comply with the regulations in their jurisdiction along with optional “best practice” guidance/recommendations. Pension Fund Trustees are personally responsible for ensuring they fulfill their responsibilities and safeguard the schemes assets for the benefit of the beneficiaries. Examples of where the GRC-Maestro platform can help Pension Funds and their Trustees include:

  • Manager Selection – manage the selection process for external managers to evidence the basis for appointment
  • Due diligence monitoring – periodically assess third party investment manager’s compliance with the terms in the Investment Management Agreement
  • Exception reporting – log, manage and resolve ad-hoc issues regarding the administration/management of the Pension Trust

GRC-Maestro gives Pension Funds and their Trustees, the ability to control and manage both existing and proposed regulatory requirements by automating manual checks and recordkeeping.

Maestro-Solution

Pension funds are increasingly tightly regulated, and the Trustees are under increased pressure to show they acted in the interest of the beneficiaries:

  • Cost pressures – Administrative and third-party costs directly impact the value of the fund which requires additional contributions from the beneficiaries and/or plan sponsor
  • Regulatory requirements – increased regulation is impacting the pension fund sector and they need to upgrade their internal processes, procedures and controls to remain fully compliant.
  • Flexibility – as new regulations are implemented it is necessary for each mutual to have systems in place that can be easily adapted to the new requirements without expensive upgrades or consultants.

GRC-Maestro addresses the governance, risk and compliance challenges of Pension Funds by supporting current and future requirements on a single, low cost, platform.