As the threat landscape evolves, particularly in relation to cyber related risks, pension schemes need to be prepared to adapt and improve their business continuity response strategies and plans. 

To help pension schemes meet the expectations of the General Code in relation to business continuity planning and cyber risks, Barnett Waddingham (BW) has a unique, practical, and proportionate service underpinned by qualified and experienced professionals. 

Our expertise and experience in both pensions and risk management means BW is uniquely placed to assist both sponsors and trustees to enhance your resilience and ensure your response preparedness in these essential areas. We understand the risks to pension schemes and with our expertise in advising both sponsors and trustees, as well as our specialist resilience and cyber risk offerings, we can provide holistic advice to suit your specific needs.

As a sponsor you want assurances the trustees of your scheme are actively engaged in compliance with the requirements of the General Code. This is particularly important in relation to managing risks (including cyber risk), business continuity planning and associated control activities. 

Additionally, you may need to review your own risk management and business continuity management practices to ensure that the scheme is considered, and your mitigation measures and response strategies are aligned. 

As a trustee, you have obligations to the Pensions Regulator, your members, and your sponsor in relation to managing business continuity and risks, including cyber threats. Under the General Code, you will also have requirements to manage relationships with third party service providers.

Our services for trustees and sponsors

We will help you ensure:  

  • Critical activities have been prioritised so your response during a disruption focuses on what’s most important to the scheme.  

  • You understand the processes required to deliver those prioritised activities, including reviewing service provider and adviser business continuity plans and assurances. 

  • You have an effective business continuity plan, team and response strategy, including a cyber response plan.  

  • You have trained your team and tested your plan, so you are as resilient as possible.   

We can:  

  • Review existing business continuity plans, including service providers’ and advisers’ plans and suggest recommended updates to enhance resilience. 

  • Update or create practical business continuity plans, including cyber response plans.  

  • Train teams and run exercises / tests of the plans.  

  • Review or create policies and procedures on subjects such as cyber risk, data protection or related areas.  

Speak to our expert

Find out more about the business continuity management and cyber risks service, or to obtain a no-obligation cost quotation, please contact Karla Gahan.
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