An extensive risk register is maintained covering a wide range of issues across investments and benefit operations. The register is subject to internal review each quarter and a summary is reported to the Pensions Committee.
We’re committed to a strong control environment to ensure that risks are identified, understood, managed and monitored appropriately. The risks faced by the LPF Group and the Fund change over time and ongoing management of risk is crucial. We have a compliance policy and each manager’s responsible for ensuring compliance within their area of responsibility.
Most significant risks 2020/21
The most significant risks (taking account of controls), are shown below. Further infromation on risk management is available in the Annual Report.
|Failure of IT leading to poor ICT responsiveness, legal exposure and cost/risk implications||8||6||48|
|Business continuity and significant outage issues (due to systems, accommodation, staff etc.)||7||6||42|
|Members' confidential data is lost or made public. Breach of Data Protection Act||6||6||36|
|Cybersecurity protections and/or back-up not sufficient to prevent cyber-attacks or minimise their impact||8||4||32|