In a changing financial landscape, super funds are exposed to a range of current, and ever new, risks and regulations. It is a continuous battle for super funds to meet all their compliance requirements, while still satisfying the needs of members.
At Aon Hewitt, we help you to mitigate risk by advising on policies and procedures to ensure compliance with regulatory obligations and improve your risk management strategies. We also help you realise your untapped potential by designing governance frameworks to promote timely and transparent decision making. This allows for the efficient use of your resources and improves outcomes for your fund members. We also provide comprehensive actuarial services to support trustees and employers with the ongoing risk management of Defined Benefit plans.
Most super fund trustee directors, fund executives and managers are aware of external and internal risks faced by their funds, but not always of how to manage or mitigate them successfully.
Our experienced consultants will support you manage key risks such as:
- Corporate governance risk – ensuring the right people make the right decisions
- Strategic risk – aligning business models with strategic goals to support decision making processes
- Operational risk – minimising system and process failures on the delivery of member services and their impact
- Compliance risk – recognising that trustee directors may be exposed to personal liability for breaches
- Reputation risk – avoiding any potential long-term damage to the brand of the fund
- Fraud risk – enabling early detection of suspicious transactions via robust systems and processes
- Insurance risk – ensuring market competitiveness of insurer terms and seamless claims management protocols, from group life and disability insurances to trustee liability cover
- Disengagement risk – assessment and intervention strategies to drive engagement across your workforce and fund membership.
A Governance, Risk and Compliance (GRC) framework applied to all aspects of a super fund enables ongoing compliance, while also improving effectiveness and overall performance. It promotes a focus on the development and measurement of risk culture and alignment of remuneration policies and associated incentives; ensuring activities are aligned to desired business and member outcomes.
Mitigating the risks you face
We recognise every super fund is unique, operating in various markets, serving different members and juggling multiple strategic requirements.
By working closely with you, we prioritise the risks that affect your business and formulate a GRC framework that aligns with your strategy. Our advice will facilitate the delivery of your business strategy and everyday business processes.
However, we believe GRC should not stop with a framework. Proactive management of your risk and compliance policies and procedures can save you time, resources and revenue, enabling you to focus on other core areas of responsibility to achieve the best outcomes for your fund members.
By engaging Aon Hewitt you can:
- Focus on strategic imperatives
- Increase and improve compliance levels
- Understand your risk profile
- Increase directors’ awareness and understanding of governance, risk and compliance matters
- Improve employee and member engagement
- Mitigate risk.
Our innovative and practical approach to risk recognises the strong interdependencies between risks. Changes in one area may have a significant impact in another. As such, we do not view risks in isolation but as a whole.