“The attention given to Internal Controls is seen as a key feature of good governance.” The Pensions Regulator

eShare is launching eControls a month ahead of the Regulators new code of practice on Internal Controls. eControls has been developed with the help of several of eShare’s clients to coincide with the new code, to aid schemes in implementing new risk frameworks.

Within the Regulator’s consultation document, internal controls are defined as “systems and arrangements for monitoring the administration and management of the scheme.” eControls from eShare provides precisely that and is embedded into the broader eShare Governance offering.

Under new legislation The Pensions Regulator is looking to enhance administrative frameworks and internal processes. Trustees are now expected to implement controls to manage risks. When trustees have limited time to perform their role already, implementing these new controls could prove difficult.

eControls from eShare helps trustees to manage:
o Internal controls
o The business plan
o Actions emanating from meetings

eControls performs these functions via control management. The importance and relevance of each control can be specified and allocated to specific users or groups. The history and status of each control can be viewed, producing a full audit trail leading to greater scheme transparency. All this is wrapped in sophisticated alerting techniques which informs trustees and others when key controls, which are relevant to them, become overdue.

“As the UK’s leading provider of governance systems, we are continually developing new applications for our software,” said Alister Esam, Managing Director of eShare.

“When the TKU code of practice was issued, we launched eKnowledge – a collaborative platform where scheme knowledge is stored, shared and maintained. eControls is a natural progression, allowing Trustees to manage their scheme more effectively whilst reducing costs, reducing risks and helping them to do more with their pension hours.”

“The Regulator has directly equated attention given to Internal Controls with good governance. Trustees therefore need better systems of monitoring controls than a simple review as part of a periodic Trustees meeting. eControls give them the ultimate monitoring capability; and it does this whilst saving their time rather than being a burden.”

eShare Clients tend to be at the forefront of good governance, it’s not surprising therefore that many eShare clients have already started to implement eControls.

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