• First Reference
  • About us
  • Contact us
  • Blog Signup 📨

First Reference Talks

Discussions on Human Resources, Employment Law, Payroll and Internal Controls

  • Home
  • About
  • Archives
  • Conference
  • Resources
  • Buy Policies
You are here: Home / Business / Mercer benefits governance survey

By Adam Gorley | 2 Minutes Read November 29, 2010

Mercer benefits governance survey

mercerEvery area of business operations involves some type of risk, which if unchecked can threaten not just that specific area but the entire business. For example, according to Mercer’s Global Governance Survey 2009–2010, the great majority of businesses understand that mismanagement of benefit plans can have significant impacts on finances, reputation and overall strategy. Especially in the wake of the recent recession and the ensuing financial crisis, many organizations realized how exposed their benefit plans are to risk, and that they are unprepared for economic “surprises”:

“Significant declines in asset values and the dramatic deterioration of defined benefit plan funding positions put stress on already constrained resources, as organizations had to focus on the survival of their core businesses. For many, the crisis and its impacts on benefit plans were unanticipated, and insufficient attention was paid to risk management activities, such as scenario planning and extreme event modeling. To make matters worse, those that did not have ready access to information or established decision-making structures struggled to respond quickly and effectively.”

Naturally, there are important lessons for organizations that offer benefit plans to their employees. One is that you’ve got to move beyond “planning and considering” changes to your plan governance, and get into action mode. That means figuring out what resources and information you need, gathering and organizing those things and moving onto implementation. Another thing is expanding the scope of your risk management activities. It’s one thing to incorporate risk management into your plan design and take care with your funding decisions, but it’s also important to monitor the plan’s activities and pay attention to investment policy.
Clear and reasonably strict policies and procedures based on current expert information—and the continued will to follow the procedures—are crucial to provide a strong framework for risk assessment and protection from liability.
First Reference is currently in the process of updating our risk assessment best practices guide. Look out for Risk assessment tools for effective internal controls by Jeffrey Sherman and Colin Braithwaite, which will help your organization identify and mitigate risk using comprehensive surveys of key operational areas.
Finance & Accounting PolicyPro from First Reference features entire chapters devoted to risk management and governance. In fact, the whole second volume is devoted to governance, covering topics like strategic, business, financial and succession planning; records management; contract administration; litigation; risk management and assessment; business recovery planning. The book also covers employee benefits and pension plans.
Adam Gorley
First Reference Human Resources, Compliance and Internal Controls Editor

  • About
  • Latest Posts
Follow me
Adam Gorley
Editor at First Reference Inc.
Adam Gorley is a copywriter, editor and researcher at First Reference. He contributes regularly to First Reference Talks, Inside Internal Controls and other First Reference publications. He writes about general HR issues, accessibility, privacy, technology in the workplace, accommodation, violence and harassment, internal controls and more.
Follow me
Latest posts by Adam Gorley (see all)
  • Can you implement a mandatory vaccine policy or ask employees if they have been vaccinated? - June 10, 2021
  • Do you know the latest on terminations? Find out at the Ontario Virtual Employment Law Conference - May 11, 2021
  • Announcing the 2021 Virtual Ontario Employment Law Conference - April 15, 2021

Article by Adam Gorley / Business, Finance and Accounting / benefit plans, benefits governance, Colin Braithwaite, defined benefit plan, defined benefit plan funding, economic crisis, Finance and Accounting PolicyPro, Jeffrey Sherman, Mercer governance survey, mitigating risk, recession, risk, Risk assessment tools for effective internal controls, risk management

Share with a friend or colleague

Get the Latest Posts in your Inbox for Free!

About Adam Gorley

Adam Gorley is a copywriter, editor and researcher at First Reference. He contributes regularly to First Reference Talks, Inside Internal Controls and other First Reference publications. He writes about general HR issues, accessibility, privacy, technology in the workplace, accommodation, violence and harassment, internal controls and more.

Footer

About us

Established in 1995, First Reference is the leading publisher of up to date, practical and authoritative HR compliance and policy databases that are essential to ensure organizations meet their due diligence and duty of care requirements.

First Reference Talks

  • Home
  • About
  • Archives
  • Conference
  • Resources
  • Buy Policies

Main Menu

  • About First Reference
  • Resources
  • Contact us
  • 1 800 750 8175

Stay Connected

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

We welcome your comments on our blog articles. However, we do not respond to specific legal questions in this space.
We do not provide any form of legal advice or legal opinion. Please consult a lawyer in your jurisdiction or try one of our products.


Copyright © 2009 - 2022 · First Reference Inc. · All Rights Reserved
Legal and Copyright Notices · Publisher's Disclaimer · Privacy Policy · Accessibility Policy