Restoring Confidence: Measuring and Managing Performance in Pensions. Bernard Marr, Jocelyn Blackwell and Kenneth Donaldson

Size: px
Start display at page:

Download "Restoring Confidence: Measuring and Managing Performance in Pensions. Bernard Marr, Jocelyn Blackwell and Kenneth Donaldson"

Transcription

1 Restoring Confidence: Measuring and Managing Performance in Pensions Bernard Marr, Jocelyn Blackwell and Kenneth Donaldson December 2006

2 Higham Dunnett Shaw plc (HDS) is a leading provider of consultancy and outsourcing solutions to the Life and Pensions industry, with clients including major corporate pension schemes, pension trustees and leading financial services institutions. The company employs over 500 people in offices across the UK, from management consultants and actuaries through to experienced customer management and administration staff. Key areas of expertise include: Improving quality and efficiency in the administration of corporate pension schemes, delivering: a broad spectrum of consultancy services for pension schemes and third party pension scheme administrators. These focus on helping them to get the most out of their administrative functions and to deliver a superior service to members pension scheme administration services, with proven procedures that can substantially improve the efficiency and quality of the administration process, including for discontinued schemes Pension Protection Fund (PPF) preparation services, building on our recognised expertise as a market leader in this field to assist professional trustees through the PPF assessment period Customer management, from building customer loyalty through to the effective handling of complaints. HDS is a leading player in the outsourced mortgage endowment complaints arena and has processed hundreds of thousands of complaints for a number of leading financial institutions. Cranfield School of Management is a world-class university business school, renowned for its strong links with industry and business. It is committed to providing practical management solutions through a range of activities including postgraduate degree programmes, management development, research and consultancy. Higham Dunnett Shaw plc and Cranfield School of Management, 2006 Page 2 of 35

3 Contents Introduction...4 Past Priorities and Present Challenges...6 The Importance of Strategic Performance Management...9 Priorities (Minimising Risk, Maximising Value) and How They Influence the Process...14 Developing a Matrix for Administrative Performance in Pensions: A Case Study...16 Summary and Conclusion...22 Appendix I: Examples of performance indicators...24 Appendix II: Our Research Methodology...32 About the Authors...33 Endnotes/Further Reading...35 Page 3 of 35

4 Introduction In the UK today there is widespread pessimism about the capabilities of pension schemes to deliver on their promises. Behind this perception there is no doubt that pensions are indeed in a mess: problems with the way schemes have been funded, how their investments have performed, the level of tax levied on them and the way in which they have been run have fed a public and media appetite for financial scandal. Combined deficits are estimated at around 1 trillion. This crisis of confidence has coincided with the much discussed demographic time bomb which will see, in the next two decades, the largest retired population ever, both in absolute numbers and as a proportion of the working population. In the corporate world, it has long been recognised that to get to the top, and to stay at the top, an organisation needs a strong governance framework linked to a co-ordinated system of strategic performance management that together drives towards a common and clearly articulated goal. This thinking has not yet been fully embraced by the pension industry. We believe that the solution to many of the problems faced by pension schemes is to create strong and effective governance and administration that will enable trustees and sponsors to minimise risk and maximise value in their schemes. Higham Dunnett Shaw and Cranfield School of Management have developed an approach to measuring and managing performance in pensions which can help the industry address some of these issues. Using clear explanations, easily understood examples and a case study from the BP Pension Fund, one of the largest and most progressive pension schemes in the UK, this paper aims to equip readers with the understanding and tools with which to create their own excellent administration to support a superb and trusted pension scheme. The key tool is known as MAPP a Matrix for Administration Performance in Pensions. This paper considers where MAPP will fit into the operation of a pension scheme, how it can be implemented and how administrators and trustees can use the MAPP framework to create and maintain a well administered scheme where all interested parties (members, sponsor, regulator) understand, and can see, its strengths, know where it is going, know the route it will take and know how to monitor its progress along the way in order continuously to learn and improve performance. Administration excellence is the key to unlocking the potential for pension schemes (both defined benefit (DB) and defined contribution (DC)) to once again be the trusted and effective providers of retirement security for their millions of members. Standards have improved but still compare badly with other financial sectors such as banking, where countless million transactions are routinely processed every day to astonishing levels of accuracy, engendering a high level of trust and loyalty in their customers. By comparison, our experience is that around one in three pension schemes suffer systematic, wholesale administration errors and omissions. Examples are provided in this paper. Page 4 of 35

5 The authors thank the BP Pension Fund for providing the focus and the initial funding for this work. We are also very grateful to the organisations whose participation in our benchmark survey formed the foundation of MAPP. These leading organisations include BP, Unilever, Masterfoods, Philips Electronics UK and Shell UK. The lessons and findings presented in this paper might also be of interest to other financial service providers such as banks and insurance companies, since they are facing similar issues. Page 5 of 35

6 Past Priorities and Present Challenges Pension provision has never been more topical, for all the wrong reasons, as these recent national headlines demonstrate: Pension deficit sinks historic firm i Pensions regulator under fire for Kvaerner deal - Fears that fund covering 31,000 former employees could collapse ii 300 retirement funds in danger of collapse, warns watchdog iii Marconi cursed by gaping pension hole iv Pension fund trustees force firm into administration v Pensions black hole set to reach 1 trillion vi Royal Mail faces 2bn pension deficit rise vii A pension scheme is simply a promise, made on trust, to pay retirement income in the future. It is a promise founded on the strength of the funding targets, the returns on investments and the quality of the scheme s administration. Of these three, while funding and investment issues have been extensively scrutinised in the industry and in the media, administration is the one that has over the years received the least attention either from pension scheme trustees themselves or in the wider world. And yet properly structured administration can support the direction of the scheme by supplying the information on which informed decision may be based. Good administration can mean the difference between a scheme that does no more than tick the boxes to avoid compliance failings and a scheme that actively and confidently sets out to provide a service that, through its excellence, promotes member confidence and a sense of wellbeing. The Pensions Regulator s perspective The problems facing members of DB (or final salary) schemes due to underfunding are now well known, but the impact of operational risk on both DB and DC (or money purchase) schemes is far less widely appreciated. However, the Pensions Regulator now has administration and governance firmly in its sights and has identified two of its three principal challenges over the next three years as viii : To improve the governance of work-based pension schemes: There will be year-on-year improvement in the extent to which trustees demonstrate knowledge and understanding of the governance requirements for their schemes. To reduce the risks to members of work-based defined contribution pension schemes: Trustees and others involved in running DC schemes (such as providers, administrators and employers) will have a clear understanding of the significant risks inherent in such arrangements, especially in relation to administration, member awareness and investment, and how they should be mitigating them. Page 6 of 35

7 The problems with DB pension provision notwithstanding, the Pensions Regulator has concluded that even members of DC schemes could face difficulties in securing future payments because of poor record keeping. ix John Ashcroft, head of strategy at the Pensions Regulator, said that such schemes faced significant risks, especially in relation to pension administration with issues such as lost paperwork, contributions being paid at the wrong rate or incorrect unit prices being applied. Such administration issues are by no means confined to DC, with the older generation of highly complex DB schemes being particularly vulnerable. The employer s perspective The key reason why employers offer a pension scheme is to attract and retain quality people, or at least this is the common rhetoric that is proffered as an answer. But where is the hard evidence that scheme members and potential new joiners appreciate, or even begin to understand, the value of the offer that is being made to them? Huge amounts are poured into pension schemes every year, far too often without proper attention being paid to the entire rationale for making the pension promise in the first place as a key strategic Human Resources (HR) tool to attract and retain the best personnel. A key administration function is to ensure that members are informed about and understand their benefits and that all records are correct and payments are accurate. Administration manages the communications and, as such, controls the quality and effectiveness of the relationship between the trustees and scheme members. Get the administration wrong and you damage the trust as well as the key HR benefit of a pension. If members do not understand the benefits and do not appreciate them, then companies might as well not offer pensions at all. Administration in this context includes: ensuring at all times the integrity of membership data, maintaining the IT platform, paying the right benefits at the right time to the right people, collecting and investing contributions, preventing fraud or theft, keeping standard explanatory texts clear, readable and up-to-date, regulatory compliance, general support for the trustees, preparing the accounts, and day-to-day liaison with members, the sponsoring employer, the trustees and all other interested parties. The trustees perspective Despite the pitfalls and risks inherent in running a pension department, administration struggles to receive the attention it deserves. It rarely makes an appearance on trustees agendas as it is not considered a priority and when it does, it is often restricted to a five minute summary at the end of a meeting. Yet, without efficient and effective administration, trustees would fail to meet one of their main duties: to act in accordance with the Trust Deed & Rules. Millions of pounds are spent every year monitoring investment performance but how much budget is allocated to monitoring administration performance? In their defence, trustees will argue that compared with the investment risk, operating risks are trivial and have minimal impact. Here is a real example to show how this is not the case: Page 7 of 35

8 In a recent migration of member data from one administrator to another, countless errors were found in the electronic records. Worse still, a box containing 300 paper files relating to members whose records had never been entered into the electronic database was discovered. This meant that the formal actuarial valuation of the pension scheme (in which the funding position was assessed and contributions set) could not have included these liabilities resulting in a major understatement of the scheme s financial obligations. Similarly, the reporting in the company s Annual Report and Accounts was also incorrect. Trustees lack of attention to data management and internal controls can also impede strategic HR objectives for the scheme. An HR director may wish to implement an e-strategy, to enable members to find out about their own benefits online, and to do simple what if calculations. But very often the membership data is of such poor quality that exposing the administration database (or a subset of it) online would simply be embarrassing. This means that the trustees must either spend some money up front to fix the problem or continue with a highly manual, back-office, Victorian quill and ink service. You may guess which solution is more frequently adopted. Governance, Administration and Internal Controls While there may be a range of definitions for the term governance, in this context, a strong governance system will follow explicit, agreed processes and principles to control, manage and organise available resources to an agreed strategic end. A good governance system also requires a controlled system for review and change. The The Medium Term Strategy Document, benefit derived from good governance is efficient use of resources to meet the trustees stated objectives, in an published by the Pensions Regulator on 28 April 2006, states the following: environment where risks are known and appropriately mitigated. Without explicit governance, outcomes are less Poor governance of many schemes likely to relate to the trustees objectives. Our experience is that the standard of The Pensions Regulator has published several codes of practice as guidance for trustees and, although not mandatory, should encourage the industry to adopt these and drive them forward. In particular, the codes of practice covering Trustee Knowledge & Understanding and Internal Controls expect trustees to devote more attention to the governance of many schemes, particularly smaller ones, is poor. Our in-house research shows clear evidence of low standards of trustee knowledge and understanding, particularly in schemes with under 1,000 members. administrative aspects of running a pension scheme. This move is to be welcomed, but it will take time. The pensions industry trustees, advisers, employers, unions, regulators, government, media and 16 million members of occupational pension schemes is starting to debate pension strategy. What can be learned from looking outside the pension box? The following chapters consider how the industry can learn from leading thinking in strategic performance management. Page 8 of 35

9 The Importance of Strategic Performance Management In order to compete, or indeed to survive, today s businesses require strategic performance management approaches which enable them to measure and manage what really matters x. The wrong approach will often perpetuate dysfunctional behaviour and jeopardise performance. Three key components of this problem are: 1. an incomplete picture of the strategy; 2. the wrong performance measures; and 3. a wrong approach towards managing performance. The world of pension administration is a good place to look for bad examples: Strategy: Pension administration as a core component of the overall service offering rarely, if ever, has an articulated strategy and where it has, that is rarely linked back to the overall strategy of the company and the trustees. Measurement: If there is a system of measurement (and too often administration performance is not monitored at all) then that measurement will focus of a few key measures (in reality, the things that are easiest to measure), such as how often target turnaround times were breached in the last three months. Management: the combination of the above speaks for itself. If this was not enough, the Pensions Regulator is aware of many small pension schemes where the trustees (who are responsible for the total governance of the scheme) are not even aware that they are trustees! Our experience shows that around one in three pension schemes suffers from systematic, wholesale administration errors and omissions which have to be rectified before any work on creating a long-term and well run administration can start. The range of common ills is staggering: Automatic inflation-linked increases paid at 5% per annum regardless of the actual level of inflation, year after year after year. Spouses pension details jumbled up and linked to the wrong pension scheme member. Early retirement pensions calculated on an outrageously generous footing (completely disregarding the actual basis of calculation, which was a perfectly sensible one): and this despite the fact the scheme was virtually bankrupt thus accidentally robbing Peter to pay Paul. Contributions received were unchecked, unreconciled, and unattributed: they simply sloshed around in a bank account, rather that being invested according to members instructions. Invalid announcements forming the basis of changes to the scheme s Rules, without following any due process. Pensionable salary wrongly calculated a big error in a DB pension scheme. Temporary bridging pensions paid in perpetuity. Page 9 of 35

10 Managing administration performance strategically will help to address these issues. strategic performance management is about creating an environment in which organisational performance becomes everyone s responsibility. This involves a clear understanding of the strategic direction by everyone in the organisation as well as their accepted responsibility for continuous refinement of the strategy and its execution. In such an environment, relevant performance indicators are collected to inform strategic decision making and understanding at all organisational levels, and to monitor the correctness and relevance of assumptions; not simply put into reports that no one really cares about. SPM may therefore be defined as the organisational approach to define, assess, implement, and continuously refine and improve strategy and performance. It encompasses methodologies, frameworks, and indicators that help organisations to formulate their strategy and enable employees and other stakeholders to gain the insight required to challenge strategic assumptions, refine strategic thinking, and most importantly inform strategic decision making, learning, and improvement. Good strategic performance management starts with the clarification of the strategic objectives and mapping the strategy before designing and using performance indicators (see Figure 1). For the first step it is important to identify the key stakeholders whose requirements the strategy will seek to deliver, to identify those requirements and understand why they are important the value proposition Establishing Strategic Objectives Mapping Strategy Designing Performance Indicators Using Performance Indicators Figure 1: Steps in strategic performance management (source: B. Marr) It is then possible to identify what an organisation has to be good at in order to deliver this value proposition. Organisations must identify their core competencies as well as the resources (both tangible and intangible) that underpin those competencies. The analogy that illustrates this comes from nature. Think of the organisation as a tree. xi Its foliage is how it presents itself to the external world and its fruits (say, apples) are the products or services it offers to its customers. The tree s hidden roots, on the other hand, represent the tangible and intangible resources it needs to have in place in order to provide the sustenance it requires to grow the apples that people will buy. The tree s trunk then represents the core competences that give it its strength and provides the channel through which the resources can create value. As with companies, all trees are made up of the same components and share the same biological processes of photosynthesis and nutrient extraction, but the shape of the trees and their fruits differ widely. (See Figure 2) Page 10 of 35

11 A strategic value creation map visualises the above mentioned key strategic elements and therefore provides guidance about what to measure. Since the map depicts what the organisation needs to deliver, what it has to be good at, and the levers or drivers of future performance, these are the elements that need to be measured and managed. In this context performance indicators are there to help understand levels of performance, to guide discussion to what really matters, and to facilitate decision making and learning. Organisations too often measure for the sake of measuring or only collect data that is easy to measure but meaningless. Linking performance indicators to the strategic elements identified in the strategic value creation map will ensure that they help to provide information and data on what matters. Values Output Deliverables Core Competencies Core Competence I Core Competence II Resources Figure 2: Tree Analogy (source: B. Marr, 2006) Once we have clarified and mapped the strategy and derived relevant performance indicators, we need to use them. Too many organisations believe that once they have collected measures and put them into spreadsheets or reports that this alone will lead to better decision making; but it will not. Instead, the emphasis should be on discussion about what the performance indicators might say about the organisation and how this could help improve what it does. For this to work, it is important to have the right governance structures in place and to ensure the right information is provided to the right people in a format that is accessible and easy to understand. Performance indicators are too often circulated in information packed spreadsheets where the important messages are buried in too much and often unnecessary data and therefore no learning and improvements take place. Page 11 of 35

12 Many other transaction-focused industries, such as banking and insurance have made significant progress over the past decade by adopting principles of strategic performance management. The Bank of Tokyo-Mitsubishi (BTM), one of the world s largest banks which manages more than $608 billion in assets across more than 700 locations in Japan and throughout the world, has illustrated how strategic performance management can be implemented. xii Leaders at BTMHQA, who direct its Americas operations from the bank s New York offices, realised that it is critical for everyone in their organisation to understand the strategic direction of the firm. In their strategy map, the bank identified their overall goal as maximising net income after credit costs. This is achieved by increasing fee income, maximising income from core customers, minimising credit costs, and enhancing cost efficiency. Their customer value proposition is to be recognised as the best foreign bank operating in the Americas by providing reliable lending capabilities, an extensive global network, and service quality that meets high standards for accuracy and speed. The core internal processes that need to be in place are abilities to manage risks, grow revenues, and enhance productivity. BTMHQA identified people in the business as the key driver of performance, and therefore set strategic objectives for succession planning, training and work environment, among others. After implementing the strategic performance management approach people became more strategic in their thinking. The strategy map facilitated strategic discussions and ensured that the right performance indicators were used to manage what matters. Another case study is provided by the TT Club, a leading provider of insurance and related risk management services for the international transport and logistics industry. xiii The company has its global headquarters in the City of London, but has 20 office locations around the world. Customers range from the world s largest shipping lines, busiest ports, global freight forwarders and cargo handling terminals, to smaller companies operating in niche markets. The project to implement the principles of strategic performance management was driven by their desire to clarify their strategic objectives and value drivers and to regain an A rating for financial strengths, which the company lost a few years ago. The TT Club decided that its value proposition was to provide sustainable financial security for the global transport industry by offering excellent and customised insurance covers and value added services that people trust. It identified three key competencies: The claims handling and delivery of services such as risk assessments and advice. The deep understanding of the industry and changing client demands and underwriting requirements. The ability to build and maintain close relationships with the industry which gives the TT Club the status of an independent body of the industry. The value drivers underpinning these include, among others their processes and systems, its reputation and recognition as a specialist and member of the transport industry, relationships with the transport industry as well as with reinsurers and brokers, and its ability to recruit, train, develop, and retain good people. At the centre of the strategy is its capital strength and access to reinsurance. The clear strategic focus, the design of meaningful indicators, and the continuous constructive review of these, have all helped the TT Club to regain its A rating and to become a strategy focused organisation. Page 12 of 35

13 Another example comes from a direct banking operation (Banking 365) of the Bank of Ireland s retail division, who adopted strategic performance management at its inception. xiv The strategic vision was graphically mapped in order to link vision, strategic themes, strategic objectives and operational measures through cause-and-effect relationships. This allowed them to identify business processes, people, technology and IT systems as key drivers of future performance, with three strategic themes (sales, operational efficiency, and service). Indicators were then developed for each of these drivers and regularly reviewed in weekly performance meetings. Here, a great emphasis was placed on benchmarking their own indicator data in order to identify current performance levels and future performance targets. This systematic approach has led not only to impressive sales growth but also significantly improved processes through automated services, high customer satisfaction, and 81% employee satisfaction, which is a world-class benchmark, considering that the primary delivery channel is through their call centre operation. Pension administration clearly has some catching up to do Page 13 of 35

14 Priorities (Minimising Risk, Maximising Value) and How They Influence the Process During this research, we found that when it comes to the overall strategic direction and value proposition of pension administration companies, they seem to fall somewhere between Minimising Costs and Risks and Maximising HR Value (see figure 3). For open schemes (the dwindling number of DB schemes and the growing number of DC schemes that are open to new members), emphasis may be placed on maximising the scheme s effectiveness within the overall HR strategy. This may translate in practice to excellent communication tools and channels, a high degree of focus on customer satisfaction, a willingness to engage in educational programmes, seminars and to offer guidance where appropriate. The delivery team may be organised in such a way that the vast majority of enquiries could be dealt with all the way through by most people in the team. Whoever a member initially contacted will usually be able to answer or resolve the question. Service standards have to be excellent, as a poor experience in terms of the administration function can quickly diminish employee appreciation of the value of the benefit being offered. For closed schemes (where no new members are accepted), the emphasis may be reducing the cost impact of the legacy left by the old pension scheme. This may lead to a highly transactional and standarised approach, with little more than the minimum requirements of compliance with regulation being offered to members. In this case the delivery team may be organised along functional lines, so that certain types of processes (death claims, retirements etc) are dealt with by the relevant specialist. Indeed, such an emphasis can also be found in schemes (both DB and DC) that are still open to new members and are therefore being actively used in the recruitment process. Pension Administration Minimising Cost and Risks Maximising HR Value Transactional approach Educate and communicate Functional specialisation Multi-disciplinary teams Automation Automation Tight checks and reconciliation Tight checks and reconciliation Figure 3: Pension Administration Value Proposition Page 14 of 35

15 It is critical that any strategic performance management system matches the strategic objectives of the organisation. The first step is therefore to articulate and agree the strategic objectives, considering all the relevant stakeholder groups. Let us assume that this will map onto a point on the continuum above (although as we have noted, each organisation s objectives are ultimately unique). This objective will of course set the direction for any strategic elements underpinning delivery of the value proposition. The core competencies and value drivers will be different depending on whether the emphasis is on minimising risks or maximising value. Whereas we can provide some guidance on what kind of elements one would expect to find in a value creation map at either end of the continuum, it is important to note that it will never provide a complete solution. Any suggestions are only templates that give an indication of what could be included. Every value creation map is unique and reflects the organisation s unique strategic position at the time. The templates can guide the design of a value creation map, however, the organisation has to decide the answers to the following questions: Why do we exist? What is our value proposition? Who do we deliver value to and why? What is it therefore that we have excel at? What should be our core competencies? What resources underpin our core competencies? What are our tangible resources (e.g. buildings, information technology, infrastructure)? What are our intangible resources (e.g. people - their skills and know-how, reputation and image, internal and external relationships, intellectual property, processes, organisational cultures and values, etc.)? Minimising Risks Possible Value Propositions To provide an accurate and compliant service Possible Core competencies Workflow management Process engineering Technical sign-off Possible Value Drives People Optimal automation (systems) Business processes Tight authorisation structure Attention to detail Maximising Value To ensure members appreciate the value of the scheme, their rights, and their options As for minimising risk plus: Customer service ethos Professionalism Continuous improvement As for minimising risk plus: Training regime Industry experience Relationship management (all stakeholders & suppliers) Communication skill Figure 4: MAPP Template Page 15 of 35

16 Developing a Matrix for Administrative Performance in Pensions: A Case Study The BP Pension Fund Below we will outline how the BP Pension Fund put strategic pension administration into practice. Recognised as one of the leading pension providers, the BP Pension Fund wanted to improve the way it measured and managed its pension administration. As outlined in the introduction, the BP Pension Fund has been instrumental in this research as it provided the focus and the initial funding. The BP Pension Fund is one of the largest and best funded pension schemes in the UK. Its assets at the time of the last report and accounts exceeded 12bn. It currently provides pensions to 38,428 people, and a further 30,901 people who have not yet retired will depend on it in whole or in part for security in their old age. It is looked after by a trustee, which in this case is in fact a trustee company, BP Pension Trustees Ltd. Introduction to the project In August 2005, Higham Dunnett Shaw, working in conjunction with Bernard Marr of the Centre for Business Performance at Cranfield School of Management, was appointed by BP Pension Trustees Ltd to lead a project to recommend a strong governance framework specifically in relation to the pension administration function. Dr Reg Hinkley, the Chief Executive Officer of the trustee company, wanted to start measuring and managing what really mattered. He saw a clear need for evidence that the administration team was achieving the desired level of service, in order to deliver a state of the art administration service for the Fund s members, in line with the strategic vision. Dr Hinkley acknowledged that without an explicit strategic direction and appropriate performance indicators in place strong governance would be mere wishful thinking. Dr Hinkley and his fellow directors of the trustee company were determined that their governance structure and mechanisms should be second to none. BP plc, one of the most prestigious and recognisable brands in the world, had spent considerable effort ensuring that governance in relation to the worldwide affairs of the company was both rigorous and comprehensive. The Board of the trustee company had adopted a parallel framework. The commission was to work within this overarching governance framework to: 1. establish objectives for the Fund, based on interviews with representatives of the relevant stakeholders the trustee company on behalf of the scheme members, the Company and the Administration Team and a strategy to achieve those objectives. 2. examine the available resources and recommend a set of performance indicators that could be used in the first instance by the pension manager in the daily business of running the team, and secondly by Dr Hinkley and the trustee company in obtaining reassurance and advance warning of any issues that may be likely to arise. Page 16 of 35

17 3. set out a reporting and control framework within which the above performance management, including a review and change control structure, could operate 4. in parallel, establish a risk management framework in relation to the administration function, again with monitoring and reporting lines to the trustee company. Establishing Strategic Objectives Establishing Strategic Objectives Mapping Strategy Designing Performance Indicators Using Performance Indicators Based on interviews with trustees, company representatives and key people within the pension administration function a revised statement of strategic objectives was drawn up. The views of the stakeholders were broadly aligned but differently nuanced. The revised statement was therefore subject to iteration and development before it was finalised in a workshop prior to ultimate sign-off by the directors of the trustee company. In essence, the BP Pension Fund positioned itself on the far right of the Pension Administration Value Proposition continuum outlined above. Its strategic value proposition is to deliver a professional, personal and progressive pension administration service for our members. Mapping Strategy Establishing Strategic Objectives Mapping Strategy Designing Performance Indicators Using Performance Indicators The next step was then to identify and map the underpinning core competencies and value drivers. This was done in a facilitated brainstorming session with the core project team. Page 17 of 35

18 In the case of the BP Pension Fund, the competencies were already in effect distilled in the overarching strategic value proposition these being professionalism, a personal approach and a progressive desire to push for the leading edge. The team then looked at all the resources that were available to deliver services to pension scheme members. These resources included both the tangible (premises, IT systems, etc) and the intangible (intellectual property, processes, relationships, customer service, etc). The resources that deliver value were initially grouped into: Processes and routines Technology and IT systems People with specialist knowledge and skill A service-orientated compliance culture An understanding / anticipation of stakeholder requirements To deliver a first class, secure, accessible, transparent and flexible pension administration service Professional Good governance, risk management, secure, correct, timely Personal Sensitive, empathy, caring Progressive Innovative, leading edge, anticipating changes and acting promptly Processes and Routines: Manage Processes, Communication, Manage Risks, Manage Technology / IT Systems Understanding of stakeholders Service orientated compliance Culture with attention to detail, People with Specialist Knowledge and Skills: Legislation, Fund s Rules Figure 5: Value Creation Map BP Pension Administration from people, through the process to create the required values Page 18 of 35

19 Designing Performance Indicators Establishing Strategic Objectives Mapping Strategy Designing Performance Indicators Using Performance Indicators Having arrived at a working version of a value creation map (above), the team next drilled down to a task level. We looked at the hundreds of different tasks that are performed in delivering services, and related the above resources back to the tasks. This enabled us to start to draw out a comprehensive definition of how a resource such as a service orientated compliance culture relates to the various tasks required to deliver the service in accordance with the overall strategy and so start to arrive at a list of indicators. This overall list was then distilled and grouped into a set of key indicators for the pension manager and the trustee company. The performance indicators included traditional lagging measures such as number of retirement calculations performance within the required turnaround time. However, crucially, they also included leading indicators of performance. These give the pension manager / trustee company advance warning that there may be an issue that requires attention. For example, as few pension schemes are 100% automated, manual calculations are always required. Where there are manual calculations, there is a possibility of error, and checks must be in place to catch these. Where the initial calculation is incorrect, time will be spent on rectification. Rectification rates should be stable or diminishing: if they escalate this could indicate a number of things: Inadequate training Lack of motivation Pressure due to inadequate staffing levels Inaccurate data in which the calculations are made Lack of clear process / checklists to follow Taken together, the full set of leading and lagging indicators enable BP s pension manager, working with Dr Hinkley and the directors of the trustee company, to monitor performance, identify potential issues to be addressed, and act upon the information in order to continuously improve performance. Page 19 of 35

20 In our experience of working with all manner of clients, including external, third party administrators, in-house teams and insurance companies, we believe that the system we have developed in conjunction with BP Pension Trustees Ltd puts Dr Hinkley and his team firmly at the forefront of thinking in relation to governance and strategic performance management. We have given some examples of performance indicators in Appendix 1 Using Performance Indicators Establishing Strategic Objectives Mapping Strategy Designing Performance Indicators Using Performance Indicators New performance indicators must be implemented with care, particularly if they are linked to incentives. It is critical that indicators are used in an honest and objective manner in order to identify shortcomings and improve performance. If indicators are used within a command-and-control environment and a blame culture it will often drive dysfunctional behaviour. Mike Bourne of the Centre for Business Performance at Cranfield School of Management recalls the following example to illustrate over-dependence on performance measurements leading to dysfunctional behaviour. xv An airline believed that the speed at which passengers received their baggage at the end of the flight was almost as important as the flight itself when considering customer satisfaction. With this in mind, the company decided to improve baggage delivery performance by introducing a new performance measure, which measured the time taken for the first bag to be loaded onto the conveyor belt. A few days after the measure was implemented, a flight arrived and the baggage was loaded onto a tractor as usual. Whilst the rest of the team stood around chatting waiting for the tractor to arrive, the team leader jumped up, ran to the tractor, grabbed the smallest bag and sprinted back to the conveyor belt. The first bag was on the conveyor belt and the measure had been met. The rest of the bags trundled along on the tractor and were put onto the conveyor at the previous pace. Bearing this salutary lesson in mind, a period of bedding down is necessary. During this time, measures can be implemented and monitored, to see what effect the very act of measurement may have. The project team recommended a set of around twenty key indicators in addition to the traditional, retrospective service level agreement (SLA) measures that are typically in place between the trustees and their administrator. Page 20 of 35

Quality Standard Customer Service Complaints Handling

Quality Standard Customer Service Complaints Handling Quality Standard Customer Service Complaints Handling Version 1 Date:- 2 nd December 2010 Page 1 Contents INTRODUCTION 4 OVERVIEW OF THE COMPLAINTS STANDARD 5 FRAMEWORK 6 MANDATORY SECTIONS 7 SECTION 1

More information

AGENDA ITEM 5 AYRSHIRE SHARED SERVICE JOINT COMMITTEE 1 MAY 2015 AYRSHIRE ROADS ALLIANCE CUSTOMER SERVICE STRATEGY

AGENDA ITEM 5 AYRSHIRE SHARED SERVICE JOINT COMMITTEE 1 MAY 2015 AYRSHIRE ROADS ALLIANCE CUSTOMER SERVICE STRATEGY AYRSHIRE SHARED SERVICE JOINT COMMITTEE 1 MAY 2015 AYRSHIRE ROADS ALLIANCE CUSTOMER SERVICE STRATEGY Report by the Head of Roads Ayrshire Roads Alliance PURPOSE OF REPORT 1. The purpose of this report

More information

Customer Management Strategy (2014-2017)

Customer Management Strategy (2014-2017) Customer Management Strategy (2014-2017) Version 1.1 Page 1 Foreword As technology improves, the demand for Council services to be available online and accessible 24/7 will increase as our customers choose

More information

To find out more, please contact your Capita consultant or visit www.capita.co.uk/employeebenefits

To find out more, please contact your Capita consultant or visit www.capita.co.uk/employeebenefits assure Delivering DC health excellence benefits excellence self- sustaining Good broking alone is not enough to deliver lasting value. There is substantial evidence to confirm that employees value highly

More information

Chapter 1 Developing a healthy appetite for risk [DTI] 3. Chapter 2 Getting the best bang per buck [DEFRA] 5

Chapter 1 Developing a healthy appetite for risk [DTI] 3. Chapter 2 Getting the best bang per buck [DEFRA] 5 CONTENTS Page Chapter 1 Developing a healthy appetite for risk [DTI] 3 Chapter 2 Getting the best bang per buck [DEFRA] 5 Chapter 3 Getting your house in order [Companies House] 9 Thinking About Risk -

More information

PROGRAMME MANAGEMENT AND BUSINESS PLANNING

PROGRAMME MANAGEMENT AND BUSINESS PLANNING PROGRAMME MANAGEMENT AND BUSINESS PLANNING This paper describes what lessons were learned from the programme management and business planning which was done to support the operation of the Help Scheme

More information

How to benchmark your service desk

How to benchmark your service desk How to benchmark your service desk Internal benchmarking is an incredibly powerful tool and combined with elements of selective quantitative external benchmarking and qualitative work - can provide a true

More information

Performance Management in Medical Affairs Kinapse Consulting, 2011

Performance Management in Medical Affairs Kinapse Consulting, 2011 Kinapse Consulting, 2011 Advise Build Operate www.kinapse.com As Medical Affairs evolves and takes a more prominent role in the development and commercialisation of medicines, it needs a more robust approach

More information

HARLOW COUNCIL PERFORMANCE MANAGEMENT FRAMEWORK

HARLOW COUNCIL PERFORMANCE MANAGEMENT FRAMEWORK HARLOW COUNCIL PERFORMANCE MANAGEMENT FRAMEWORK July 2013 1 P age Contents Page 1.0 Definition 3 2.0 Context 3 3.0 Purpose and aim of the policy 4 4.0 Policy Statement 4 5.0 Framework for Performance Management

More information

Older savers report: the impact on older people of savings accounts where interest rates have dropped from their initial rate to negligible amounts

Older savers report: the impact on older people of savings accounts where interest rates have dropped from their initial rate to negligible amounts All Party Parliamentary Group for Ageing and Older People Older savers report: the impact on older people of savings accounts where interest rates have dropped from their initial rate to negligible amounts

More information

End to end Complaint Handling Services

End to end Complaint Handling Services End to end Services Exceptional standards delivered by quality teams Why Hazell Carr? Good communication and excellent relationships with our clients & 95% of projects delivered on or before time Extensive

More information

Request for feedback on the revised Code of Governance for NHS Foundation Trusts

Request for feedback on the revised Code of Governance for NHS Foundation Trusts Request for feedback on the revised Code of Governance for NHS Foundation Trusts Introduction 8 November 2013 One of Monitor s key objectives is to make sure that public providers are well led. To this

More information

Lessons learned from creating a change management framework

Lessons learned from creating a change management framework Lessons learned from creating a change management framework Author Melanie Franklin Director Agile Change Management Limited Contents Introduction 3 What is a Change Management Framework? 3 Why is it called

More information

Information security controls. Briefing for clients on Experian information security controls

Information security controls. Briefing for clients on Experian information security controls Information security controls Briefing for clients on Experian information security controls Introduction Security sits at the core of Experian s operations. The vast majority of modern organisations face

More information

City and County of Swansea. Human Resources & Workforce Strategy 2013-2017. Ambition is Critical 1

City and County of Swansea. Human Resources & Workforce Strategy 2013-2017. Ambition is Critical 1 City and County of Swansea Human Resources & Workforce Strategy 2013-2017 Ambition is Critical 1 Delivering quality services for a safer, greener, smarter, fairer, healthier, richer Swansea Executive Summary

More information

ENTERPRISE RISK MANAGEMENT FRAMEWORK

ENTERPRISE RISK MANAGEMENT FRAMEWORK ROCKHAMPTON REGIONAL COUNCIL ENTERPRISE RISK MANAGEMENT FRAMEWORK 2013 Adopted 25 June 2013 Reviewed: October 2015 TABLE OF CONTENTS 1. Introduction... 3 1.1 Council s Mission... 3 1.2 Council s Values...

More information

Advisory Guidelines of the Financial Supervisory Authority. Requirements regarding the arrangement of operational risk management

Advisory Guidelines of the Financial Supervisory Authority. Requirements regarding the arrangement of operational risk management Advisory Guidelines of the Financial Supervisory Authority Requirements regarding the arrangement of operational risk management These Advisory Guidelines have established by resolution no. 63 of the Management

More information

Who s next after TalkTalk?

Who s next after TalkTalk? Who s next after TalkTalk? Frequently Asked Questions on Cyber Risk Fraud threat to millions of TalkTalk customers TalkTalk cyber-attack: website hit by significant breach These are just two of the many

More information

People & Organisational Development Strategy

People & Organisational Development Strategy 2013-2018 People & Organisational Development Strategy Delivering excellent research Delivering an excellent student experience Enhancing global reach and reputation 1. Introduction Glasgow 2020: A global

More information

Project Risk Analysis toolkit

Project Risk Analysis toolkit Risk Analysis toolkit MMU has a corporate Risk Management framework that describes the standard for risk management within the university. However projects are different from business as usual activities,

More information

How are companies currently changing their facilities management delivery model...?

How are companies currently changing their facilities management delivery model...? Interserve and Sheffield Hallam University market research 2012 Page 2 www.commercial.interserve.com How are companies currently changing their facilities management delivery model...? we have a strategy

More information

Policy: D9 Data Quality Policy

Policy: D9 Data Quality Policy Policy: D9 Data Quality Policy Version: D9/02 Ratified by: Trust Management Team Date ratified: 16 th October 2013 Title of Author: Head of Knowledge Management Title of responsible Director Director of

More information

Financial Services Guidance Note Outsourcing

Financial Services Guidance Note Outsourcing Financial Services Guidance Note Issued: April 2005 Revised: August 2007 Table of Contents 1. Introduction... 3 1.1 Background... 3 1.2 Definitions... 3 2. Guiding Principles... 5 3. Key Risks of... 14

More information

Charities & Not for Profit Protecting your organisation, supporting its success. Risk Management Insurance Employee Benefits Investment Management

Charities & Not for Profit Protecting your organisation, supporting its success. Risk Management Insurance Employee Benefits Investment Management Charities & Not for Profit Protecting your organisation, supporting its success Risk Management Insurance Employee Benefits Investment Management Charities are there to help those in need. But who helps

More information

Customer requirements. Asset management planning Inspection and assessment Route asset planning Annual work plans Contracting strategy

Customer requirements. Asset management planning Inspection and assessment Route asset planning Annual work plans Contracting strategy Section 8 Output monitoring Inputs Customer requirements Safety standards Outputs and funding SRA and Government Policy Network stewardship strategy Asset and operational policies Maintenance & renewal

More information

Embedding Digital Continuity in Information Management

Embedding Digital Continuity in Information Management Embedding Digital Continuity in Information Management This guidance relates to: Stage 1: Plan for action Stage 2: Define your digital continuity requirements Stage 3: Assess and manage risks to digital

More information

Bridgend County Borough Council. Corporate Risk Management Policy

Bridgend County Borough Council. Corporate Risk Management Policy Bridgend County Borough Council Corporate Risk Management Policy December 2014 Index Section Page No Introduction 3 Definition of risk 3 Aims and objectives 4 Strategy 4 Accountabilities and roles 5 Risk

More information

January 2016. Brand and Campaigns Executive: Information for Candidates

January 2016. Brand and Campaigns Executive: Information for Candidates January 2016 Brand and Campaigns Executive: Information for Candidates Thank you for expressing interest in the role of Brand and Campaigns Executive. We have compiled this information pack to tell you

More information

REPORT 4 FOR DECISION. This report will be considered in public

REPORT 4 FOR DECISION. This report will be considered in public REPORT 4 Subject: Safety Readiness for the Summer 2013 Events Programme Agenda item: Public Item 7 Report No: 4 Meeting date: 28 May 2013 Report to: Board Report of: Mark Camley, Interim Executive Director

More information

GUIDANCE NOTE FOR DEPOSIT-TAKERS. Operational Risk Management. March 2012

GUIDANCE NOTE FOR DEPOSIT-TAKERS. Operational Risk Management. March 2012 GUIDANCE NOTE FOR DEPOSIT-TAKERS Operational Risk Management March 2012 Version 1.0 Contents Page No 1 Introduction 2 2 Overview 3 Operational risk - fundamental principles and governance 3 Fundamental

More information

Information Governance Policy

Information Governance Policy Information Governance Policy Reference: Information Governance Policy Date Approved: April 2013 Approving Body: Board of Trustees Implementation Date: April 2013 Version: 6 Supersedes: 5 Stakeholder groups

More information

The advice challenge: Understanding what clients value

The advice challenge: Understanding what clients value The advice challenge: Understanding what clients value Life s better with the right partner 2 The advice challenge: Understanding what clients value The advice challenge: Understanding what clients value

More information

Mandatory Provident Fund Schemes Authority COMPLIANCE STANDARDS FOR MPF APPROVED TRUSTEES. First Edition July 2005. Hong Kong

Mandatory Provident Fund Schemes Authority COMPLIANCE STANDARDS FOR MPF APPROVED TRUSTEES. First Edition July 2005. Hong Kong Mandatory Provident Fund Schemes Authority COMPLIANCE STANDARDS FOR MPF APPROVED TRUSTEES First Edition July 2005 Hong Kong Contents Glossary...2 Introduction to Standards...4 Interpretation Section...6

More information

Network Rail Infrastructure Projects Joint Relationship Management Plan

Network Rail Infrastructure Projects Joint Relationship Management Plan Network Rail Infrastructure Projects Joint Relationship Management Plan Project Title Project Number [ ] [ ] Revision: Date: Description: Author [ ] Approved on behalf of Network Rail Approved on behalf

More information

MEDICALLY UNDERWRITTEN BULK ANNUITIES

MEDICALLY UNDERWRITTEN BULK ANNUITIES seeing retirement differently NOT FOR RETAIL CLIENTS MEDICALLY UNDERWRITTEN BULK ANNUITIES CELEBRATING CELEBRATING seeing retirement differently YEARS sin ce 1 9 9 5 YEARS sin ce 1 9 9 5 PARTNERSHIP We

More information

White Paper On Pilot Method Of ERP Implementation

White Paper On Pilot Method Of ERP Implementation White Paper On Pilot Method Of ERP Implementation Rod Clarke Rod Clarke provides guidance, advice and support to businesses in successfully applying IS/IT in support of their business goals. He brings

More information

Local Authority (Scotland) Accounts Advisory Committee [LASAAC] The Scottish Local Government Pension Scheme: Using the Financial Statements

Local Authority (Scotland) Accounts Advisory Committee [LASAAC] The Scottish Local Government Pension Scheme: Using the Financial Statements Local Authority (Scotland) Accounts Advisory Committee [LASAAC] The Scottish Local Government Pension Scheme: Using the Financial Statements August 2012 SCOTTISH LOCAL GOVERNMENT PENSION SCHEME (LGPS)

More information

NHS Pensions Service Charter

NHS Pensions Service Charter NHS Pensions Service Charter Our role and responsibilities in centrally administering the NHS Pension Scheme This document has been produced by the NHS Business Services Authority with the intent to compliment

More information

January 2016. Communications Manager: Information for Candidates

January 2016. Communications Manager: Information for Candidates January 2016 Communications Manager: Information for Candidates Thank you for expressing interest in the role of Communications Manager. We have compiled this information pack to tell you more about The

More information

Internal Audit. Audit of HRIS: A Human Resources Management Enabler

Internal Audit. Audit of HRIS: A Human Resources Management Enabler Internal Audit Audit of HRIS: A Human Resources Management Enabler November 2010 Table of Contents EXECUTIVE SUMMARY... 5 1. INTRODUCTION... 8 1.1 BACKGROUND... 8 1.2 OBJECTIVES... 9 1.3 SCOPE... 9 1.4

More information

2015 EDUCATION PAYROLL LIMITED STATEMENT OF INTENT

2015 EDUCATION PAYROLL LIMITED STATEMENT OF INTENT 2015 EDUCATION PAYROLL LIMITED STATEMENT OF INTENT Published in August 2015 Education Payroll Limited 2015 EDUCATION PAYROLL LIMITED STATEMENT OF INTENT CONTENTS Foreword 3 Who We Are 4 What We Do 5 How

More information

Project Management Toolkit Version: 1.0 Last Updated: 23rd November- Formally agreed by the Transformation Programme Sub- Committee

Project Management Toolkit Version: 1.0 Last Updated: 23rd November- Formally agreed by the Transformation Programme Sub- Committee Management Toolkit Version: 1.0 Last Updated: 23rd November- Formally agreed by the Transformation Programme Sub- Committee Page 1 2 Contents 1. Introduction... 3 1.1 Definition of a... 3 1.2 Why have

More information

Health & Safety for Businesses and the Voluntary Sector. Key Principles

Health & Safety for Businesses and the Voluntary Sector. Key Principles Health & Safety for Businesses and the Voluntary Sector Key Principles KEY PRINCIPLES 1 Key Principles Introduction The importance of managing health and safety effectively cannot be over-emphasised. Ensuring

More information

Procurement guidance Managing and monitoring suppliers performance

Procurement guidance Managing and monitoring suppliers performance Procurement guidance Managing and monitoring suppliers performance Procurement guidance: Managing and monitoring suppliers performance Page 2 of 16 Table of contents Table of contents... 2 Purpose of the

More information

The metrics that matter

The metrics that matter WHITE PAPER The metrics that matter How actionable analytics can transform field service management performance. www. Introduction The top strategic action for two-thirds of service organisations is to

More information

For the Trustees of Defined Benefit Pension Schemes and their Investment Consultants Only.

For the Trustees of Defined Benefit Pension Schemes and their Investment Consultants Only. LGIM SOLUTIONS LEGAL & GENERAL INVESTMENT MANAGEMENT Buy-Out Aware. For the Trustees of Defined Benefit Pension Schemes and their Investment Consultants Only. Preparing for the endgame: a fund range specifically

More information

Aberdeen City Council

Aberdeen City Council Aberdeen City Council Internal Audit Report Final Contract management arrangements within Social Care & Wellbeing 2013/2014 for Aberdeen City Council January 2014 Internal Audit KPI Targets Target Dates

More information

University of New England Compliance Management Framework and Procedures

University of New England Compliance Management Framework and Procedures University of New England Compliance Management Framework and Procedures Document data: Document type: Administering entity: Framework and Procedures Audit and Risk Directorate Records management system

More information

INVESTMENT MANAGEMENT RISK ASSESSMENT: MARKETING AND SELLING PRACTICES

INVESTMENT MANAGEMENT RISK ASSESSMENT: MARKETING AND SELLING PRACTICES INVESTMENT MANAGEMENT RISK ASSESSMENT: MARKETING AND SELLING PRACTICES A REPORT OF THE TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS SEPTEMBER 2003 INVESTMENT MANAGEMENT

More information

COMPANY OVERVIEW. Company Overview - 1

COMPANY OVERVIEW. Company Overview - 1 COMPANY OVERVIEW Company Overview - 1 The Rowan Tree The European Rowan tree (Sorbus aucuparia) has a long tradition in European mythology and folklore. It was thought to be a magical tree and give protection

More information

HR/Employment Law Consultancy Services. Your Service, Your Way

HR/Employment Law Consultancy Services. Your Service, Your Way HR/Employment Law Consultancy Services Your Service, Your Way About Abbey Abbey HR Consultancy Services is a trading division of LHS Solicitors LLP. LHS Solicitors LLP is regulated by the Solicitors Regulation

More information

Going beyond the basics at retirement. Mel Duffield

Going beyond the basics at retirement. Mel Duffield Going beyond the basics at retirement Mel Duffield Alan Higham Elizabeth Byrne NAPF Annuity Direct Royal Mail Pensions Trustees Going beyond the basics at retirement Mel Duffield NAPF Background to Research

More information

RISK MANAGEMENT FRAMEWORK. 2 RESPONSIBLE PERSON: Sarah Price, Chief Officer

RISK MANAGEMENT FRAMEWORK. 2 RESPONSIBLE PERSON: Sarah Price, Chief Officer RISK MANAGEMENT FRAMEWORK 1 SUMMARY The Risk Management Framework consists of the following: Risk Management policy Risk Management strategy Risk Management accountability Risk Management framework structure.

More information

Information Governance Strategy

Information Governance Strategy Information Governance Strategy Document Status Draft Version: V2.1 DOCUMENT CHANGE HISTORY Initiated by Date Author Information Governance Requirements September 2007 Information Governance Group Version

More information

PAGE 04/ ASSET FINANCE 06/ BRIDGING FINANCE 08/ DEVELOPMENT FINANCE

PAGE 04/ ASSET FINANCE 06/ BRIDGING FINANCE 08/ DEVELOPMENT FINANCE We understand PAGE 04/ ASSET FINANCE 06/ BRIDGING FINANCE 08/ DEVELOPMENT FINANCE WELCOME TO UNITED TRUST BANK is an established specialist lender providing a wide range of short to medium term secured

More information

Customer Relationship Management - a strategic approach

Customer Relationship Management - a strategic approach Sage CRM Solutions Customer Relationship Management - a strategic approach Managing interactions with prospects and customers effectively and profitably is a fundamental part of business. Success depends

More information

NES/11/111. Dorothy Wright Director HR & OD Christine McCole, Depute Director HR Tom Power, OD Business Partner (Leadership & Performance Management)

NES/11/111. Dorothy Wright Director HR & OD Christine McCole, Depute Director HR Tom Power, OD Business Partner (Leadership & Performance Management) NES Item 8d December 2011 NES/11/111 (Enclosure) NHS Education for Scotland Board Paper Summary 1. Title of Paper People & Organisational Development Strategy 2. Author(s) of Paper Dorothy Wright Director

More information

Helping our clients win in the changing world of work:

Helping our clients win in the changing world of work: Helping our clients win in the changing world of work: Recruitment Process: Why Outsource? A Manpower Insights Paper The future of RPO looks strong despite or perhaps aided by the current global recession.

More information

DELIVERING THE HELP SCHEME TO CARE HOMES

DELIVERING THE HELP SCHEME TO CARE HOMES DELIVERING THE HELP SCHEME TO CARE HOMES This paper seeks to explain how Carillion Energy Services (CES) operationally delivered the Social Administration of Care Homes for Digital Switchover Contract

More information

Preserving wealth through generations

Preserving wealth through generations Family Office Services Preserving wealth through generations Our services for entrepreneurial families and family offices After I m gone, how much of my family s wealth will be left for my children? Entrepreneurs

More information

2013-18 Business Plan. Executive Summary UK Shared Business Services Ltd

2013-18 Business Plan. Executive Summary UK Shared Business Services Ltd 2013-18 Business Plan Executive Summary UK Shared Business Services Ltd Published June 2013 Contents I Introduction 3 II Executive Summary 6 Introduction: Geared for Growth in the Service of our Customers

More information

Building a Data Quality Scorecard for Operational Data Governance

Building a Data Quality Scorecard for Operational Data Governance Building a Data Quality Scorecard for Operational Data Governance A White Paper by David Loshin WHITE PAPER Table of Contents Introduction.... 1 Establishing Business Objectives.... 1 Business Drivers...

More information

RESPONSE TO HMRC DISCUSSION DOCUMENT INTERMEDIARIES LEGISLATION (IR35)

RESPONSE TO HMRC DISCUSSION DOCUMENT INTERMEDIARIES LEGISLATION (IR35) RESPONSE TO HMRC DISCUSSION DOCUMENT INTERMEDIARIES LEGISLATION (IR35) 25TH SEPTEMBER 2015 CONTENTS About PRISM Association Executive Summary Rationale for Change Options to Improve Effectiveness Consistent

More information

Information Governance Strategy & Policy

Information Governance Strategy & Policy Information Governance Strategy & Policy March 2014 CONTENT Page 1 Introduction 1 2 Strategic Aims 1 3 Policy 2 4 Responsibilities 3 5 Information Governance Reporting Structure 4 6 Managing Information

More information

How effective information management helps fleet managers reduce operational risk and enhance commercial performance

How effective information management helps fleet managers reduce operational risk and enhance commercial performance How effective information management helps fleet managers reduce operational risk and enhance commercial performance October 2015 www.alcumusgroup.com Managing risk in the transport and logistics sector

More information

JOB AND PERSON SPECIFICATION

JOB AND PERSON SPECIFICATION JOB AND PERSON SPECIFICATION Job Title: Division Grade: Reward Adviser G Reports To: Head of Organisational Development and Systems General Information The Commonwealth Secretariat is the principal inter-governmental

More information

Macmillan Cancer Support Volunteering Policy

Macmillan Cancer Support Volunteering Policy Macmillan Cancer Support Volunteering Policy Introduction Thousands of volunteers dedicate time and energy to improve the lives of people affected by cancer. Macmillan was started by a volunteer and volunteers

More information

Business Operations. Module Db. Capita s Combined Offer for Business & Enforcement Operations delivers many overarching benefits for TfL:

Business Operations. Module Db. Capita s Combined Offer for Business & Enforcement Operations delivers many overarching benefits for TfL: Module Db Technical Solution Capita s Combined Offer for Business & Enforcement Operations delivers many overarching benefits for TfL: Cost is reduced through greater economies of scale, removal of duplication

More information

TEC Capital Asset Management Standard January 2011

TEC Capital Asset Management Standard January 2011 TEC Capital Asset Management Standard January 2011 TEC Capital Asset Management Standard Tertiary Education Commission January 2011 0 Table of contents Introduction 2 Capital Asset Management 3 Defining

More information

Rolls Royce s Corporate Governance ADOPTED BY RESOLUTION OF THE BOARD OF ROLLS ROYCE HOLDINGS PLC ON 16 JANUARY 2015

Rolls Royce s Corporate Governance ADOPTED BY RESOLUTION OF THE BOARD OF ROLLS ROYCE HOLDINGS PLC ON 16 JANUARY 2015 Rolls Royce s Corporate Governance ADOPTED BY RESOLUTION OF THE BOARD OF ROLLS ROYCE HOLDINGS PLC ON 16 JANUARY 2015 Contents INTRODUCTION 2 THE BOARD 3 ROLE OF THE BOARD 5 TERMS OF REFERENCE OF THE NOMINATIONS

More information

Balancing the Outsourcing Equation

Balancing the Outsourcing Equation Whitepaper Balancing the Outsourcing Equation A Blueprint on how to obtain the benefits of outsourcing without the risks. 2013 Blueprint Software Systems Inc. All rights reserved Executive Summary This

More information

QUALITY MANAGEMENT POLICY & PROCEDURES

QUALITY MANAGEMENT POLICY & PROCEDURES QUALITY MANAGEMENT POLICY & PROCEDURES Policy Statement Cotleigh Engineering Co. Limited specialises in the recruitment of engineering & technical personnel in the oil & energy, rail, civil engineering,

More information

ROLE PROFILE. Performance Consultant (Fixed Term) Assistant Director for Human Resources

ROLE PROFILE. Performance Consultant (Fixed Term) Assistant Director for Human Resources ROLE PROFILE Job Title Reports to Service area No. of staff responsible for Budget responsibility ( ) Performance Consultant (Fixed Term) Assistant Director for Human Resources HR 0 None Purpose of Job

More information

Avon & Somerset Police Authority

Avon & Somerset Police Authority Avon & Somerset Police Authority Internal Audit Report IT Service Desk FINAL REPORT Report Version: Date: Draft to Management: 19 February 2010 Management Response: 12 May 2010 Final: 13 May 2010 Distribution:

More information

Contract Management Part One Making the Business Case for Investment

Contract Management Part One Making the Business Case for Investment Contract Management Part One Making the Business Case for Investment Executive Summary This paper is the first in a short series of three which will look at the business case for organisations to invest

More information

Delivering Excellence in Insurance Claims Handling

Delivering Excellence in Insurance Claims Handling Delivering Excellence in Insurance Claims Handling Guide to Best Practice Delivering Excellence in Insurance Claims Handling Contents Page 1. Introduction 1 2. Executive Summary 2 3. Components of Best

More information

Dumfries & Galloway Council

Dumfries & Galloway Council Dumfries & Galloway Council Audit of housing and council tax benefit Risk assessment report Prepared for Dumfries & Galloway Council May 2013 Audit Scotland is a statutory body set up in April 2000 under

More information

Managing Customer. Relationships

Managing Customer. Relationships Managing Customer Relationships A guide to help you identify a range of areas to address in order to get the most from your relationships with your customers Managing customer relationships should be seen

More information

FINANCIAL MANAGEMENT MATURITY MODEL

FINANCIAL MANAGEMENT MATURITY MODEL Definition: Financial management is the system by which the resources of an organisation s business are planned, directed, monitored and controlled to enable the organisation s goals to be achieved. Guidance

More information

www.hcltech.com ANALYTICS STRATEGIES FOR INSURANCE

www.hcltech.com ANALYTICS STRATEGIES FOR INSURANCE www.hcltech.com ANALYTICS STRATEGIES FOR INSURANCE WHITEPAPER July 2015 ABOUT THE AUTHOR Peter Melville Insurance Domain Lead Europe, HCL He has twenty five years of experience in the insurance industry

More information

Data management for improved customer experience and higher returns

Data management for improved customer experience and higher returns Data management for improved customer experience and higher returns An Experian Whitepaper Data management for improved customer experience and higher returns - 1 Table of contents 1. Executive summary

More information

TCF Guidance for Asset Managers

TCF Guidance for Asset Managers TCF Guidance for Asset Managers What is TCF? TCF stands for Treating Customers Fairly. All FSPs are required to incorporate the 6 TCF outcomes into their business operations. About the guide: This guide

More information

Commission for Ethical Standards in Public Life in Scotland

Commission for Ethical Standards in Public Life in Scotland Commission for Ethical Standards in Public Life in Scotland REPORT TO PARLIAMENT Laid before the Scottish Parliament by the Public Appointments Commissioner for Scotland in pursuance of Section 2(8) a

More information

Job Description Payroll Service Specialist Band 7

Job Description Payroll Service Specialist Band 7 Job Description Payroll Service Specialist Band 7 Post: Payroll Shared Service Specialist Band: 7 Location: College Street, Belfast Reports to: Head of Payroll Service Responsible to: Assistant Director

More information

October 2014. Board Member Recruitment

October 2014. Board Member Recruitment October 2014 Board Member Recruitment Queens Cross Housing Association is an innovative and dynamic communitybased housing association located in the north west of Glasgow. The housing sector is facing

More information

Human Services Quality Framework. User Guide

Human Services Quality Framework. User Guide Human Services Quality Framework User Guide Purpose The purpose of the user guide is to assist in interpreting and applying the Human Services Quality Standards and associated indicators across all service

More information

Tailor-made collection services you can trust 03

Tailor-made collection services you can trust 03 11 Phoenix Commercial Collections is one of the UK s leading providers of enforcement and debt recovery services. Our recovery solutions are professional, effective and fully supported by our proven systems,

More information

WEALTH MANAGEMENT FOR WEALTH CREATION AND PRESERVATION

WEALTH MANAGEMENT FOR WEALTH CREATION AND PRESERVATION WEALTH MANAGEMENT FOR WEALTH CREATION AND PRESERVATION PLANNING YOUR WEALTH MANAGEMENT STRATEGY Wealth creation and wealth preservation at LighthouseWealth we achieve this balance for our clients through

More information

Position Description

Position Description Position Summary POSITION REPORTS TO DIRECT REPORTS REMUNERATION Financial Planner Business Unit Manager Nil Adviser Tiered Remuneration Structure OVERVIEW A Financial Planner's role is to demonstrate

More information

LABORATORY OUTSOURCING

LABORATORY OUTSOURCING June 2009 LABORATORY OUTSOURCING Intertek s EVP of Analytical Services, Dr. Andrew Swift, discusses laboratory outsourcing and explains how dedicated analytical service providers are stepping up to support

More information

Comcare, the Safety, Rehabilitation and Compensation Commission, and the Seafarers Safety, Rehabilitation and Compensation Authority

Comcare, the Safety, Rehabilitation and Compensation Commission, and the Seafarers Safety, Rehabilitation and Compensation Authority Comcare, the Safety, Rehabilitation and Compensation Commission, and the Seafarers Safety, Rehabilitation and Compensation Authority Agency Resources and Planned Performance COMCARE, THE SAFETY, REHABILITATION

More information

Recruitment and Selection Services Centre Team Leader

Recruitment and Selection Services Centre Team Leader Job Description Recruitment and Selection Team Leader Band 5 Job Title: Band: Reports to: Recruitment and Selection Services Centre Team Leader 5 ( 21,388-27,901 per annum) Service Delivery Manager Accountable

More information

Interview: Professor Adrian Payne. Handbook of CRM: Achieving Excellence in Customer Management.

Interview: Professor Adrian Payne. Handbook of CRM: Achieving Excellence in Customer Management. Interview: Handbook of CRM: Achieving Excellence in Customer Management. Hello, this is Steve Macaulay from Cranfield School of Management. I am here today to discuss with his book Handbook of CRM: Achieving

More information

Internal Audit Monitoring Report. Audit Report status Assurance. Payroll Final Limited

Internal Audit Monitoring Report. Audit Report status Assurance. Payroll Final Limited Appendix 1 Internal Audit Monitoring Report Audit Report status Assurance Payroll Final Limited The Payroll system was reviewed to seek assurance that processes and procedures are operating effectively

More information

Management White Paper What is a modern Balanced Scorecard?

Management White Paper What is a modern Balanced Scorecard? Management White Paper What is a modern Balanced Scorecard? For more information please visit: www.ap-institute.com What is a modern Balanced Scorecard? By Bernard Marr Abstract: The Balanced Scorecard

More information

2.0 RECOMMENDATIONS Members of the Committee are asked to note the information contained within this report.

2.0 RECOMMENDATIONS Members of the Committee are asked to note the information contained within this report. REPORT TO: SCRUTINY COMMITTEE 25 JUNE 2013 REPORT ON: REPORT BY: INTERNAL AUDIT REPORTS CHIEF INTERNAL AUDITOR REPORT NO: 280-2013 1.0 PURPOSE OF REPORT To submit to Members of the Scrutiny Committee a

More information

Secondary Life Asset Management Services

Secondary Life Asset Management Services Secondary Life Asset Management Services In a class of its own Policy Acquisition Actuarial and Fund Reporting Policy Servicing Fund Structuring Industry Leaders and Innovators SL Investment Management

More information

Actuarial services that enhance performance. Insurance PRECISE. PROVEN. PERFORMANCE.

Actuarial services that enhance performance. Insurance PRECISE. PROVEN. PERFORMANCE. Actuarial services that enhance performance Insurance PRECISE. PROVEN. PERFORMANCE. Today s challenges, tomorrow s opportunities In today s ever changing insurance market, companies face more stringent

More information