US - The California Public Employees' Retirement System is to appoint a senior risk officer and launch a 24-hour whistleblower helpline following the Bell City fraud scandal.
Former city manager Robert Rizzo was one of the eight top Bell officials who were charged for fraud, conspiracy and waste of public funding. Rizzo received twice as much as he was entitled to from CalPERS in retirement benefits as well as 107 days in holiday and 36 days of sick leave annually.
"Recent events on Wall Street, pension fraud in this state, and even allegations of wrongdoing at CalPERS have taught us that managing risk and ensuring accountability across the enterprise are critical to our effectiveness today and tomorrow," said George Diehr, acting president at pension fund's board meeting.
Chief executive officer Anne Stausboll added: "The office of enterprise risk management will bring together all aspects of risk management, including internal compliance operations, privacy and security, disaster recovery and business continuity programmes.
"We strive to be the very best at risk management. We will ensure that we ask the important questions, challenge our own assumptions, and hope to become the best at utilizing this discipline to understand and manage threats that could hamper our ability to deliver the best services to our members and employers."
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers