Jessica O'ConnorNew polling from the Society of Pension Professionals found that cyber and data security has emerged as the biggest area for improvement following the first wave of Own Risk Assessments (ORAs) across the pensions industry.
The findings were shared during an SPP webinar attended by more than 220 pension professionals, offering early insight into how schemes are using ORAs as a governance tool.
When asked about their value, a majority of respondents (53%) said ORAs provide moderate value by delivering useful insights, while a further 10% said they are very valuable and help shape strategic decision-making.
However, when identifying priority areas for improvement, over half of attendees (53%) pointed to cyber and data security as the most pressing concern.
This was significantly higher than other areas, with administration and operational controls cited by 8% of respondents and risk management frameworks by 6%.
Jake Churchill, SPP member and associate director at Independent Governance Group, said: “With many pension schemes now having completed their first ORA, it is positive to hear that most schemes found the process valuable and are utilising the results to identify the ways that they need to make their governance more effective.
“In particular ORAs should be proportionate, iterative and lead to positive actions.
“SPP members reported that ORAs have so far highlighted cyber and data security as the main area requiring improvement.
“With technologies such as AI posing new challenges for scheme governance, we must continue to share best practice across the pensions industry.”
