Industry Voice: Integrated Risk Management: Designing an IRM framework

Introduction: What is IRM and why is it important?

Integrated Risk Management (IRM) is a risk management tool that helps pension scheme trustees and sponsors to identify, quantify and manage the factors that affect the prospects of meeting their funding objectives. Instead of considering risks in isolation, an IRM framework encourages stakeholders to assess the interdependencies of the risks. While trustees have considerable flexibility in developing their own IRM framework, they are responsible for ensuring their scheme's IRM approach is appropriate and effective.

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