cyber risk – Benefits Canada.com

2024 Top 40 Money Managers Report: How pension plan sponsors are using the latest technology to maintain cybersecurity

bmcgovern — Fri, 10 May 2024 12:56:07 +0000

In the fight against cybercriminals, institutional investors and other financial organizations are managing cybersecurity just as seriously as any other type of business risk, with standards that can accommodate the integration of new practices and assessment tools. “We’re finding that, pension plans included, enterprises more broadly are taking [cybersecurity] more seriously and putting in place […]

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Pension plan sponsors more vigilant of cybersecurity risks when dealing with third-party vendors: expert

bmcgovern — Thu, 11 Jan 2024 14:00:21 +0000

Data management and transference is a key area of risk for pension plan sponsors as the vulnerability of engaging with third parties creates opportunities for cybercriminals, says Jillian Kennedy, a partner at Mercer. According to an online brief published last year by Ernst & Young, third-party service providers hired by public pension plan sponsors tend to […]

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How Texas’ Teacher Retirement System is incorporating AI into pension governance

bmcgovern — Thu, 26 Oct 2023 15:00:53 +0000

While artificial intelligence represents a new cornerstone for institutional investors’ operational tasks, corporate governance will be essential to ensure the risks are properly managed, according to Andrew Roth, deputy director of the Teacher Retirement System of Texas. During a webinar hosted last week by the National Institute on Retirement Security, he detailed how the pension […]

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Climate, cybersecurity risks increasing for federally regulated pension plans: OSFI outlook

bmcgovern — Thu, 19 Oct 2023 15:00:03 +0000

Climate and cybersecurity are the leading risk factors concerning Canadian pension plan administrators, according to a pension lawyer. Susan G. Seller, a pension and benefits lawyer at Bennett Jones LLP, adds third-party arrangements and commercial real estate risks round out the most pressing categories for federally regulated pension plans. “We’re living in a time where […]

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CAPSA’s risk management guideline adaptable to changes in cybersecurity, ESG: webinar

bwolfe — Mon, 11 Sep 2023 13:00:32 +0000

The Canadian Association of Pension Supervisory Authorities’ new risk management guideline allows for additional flexibility amid evolving issues such as cybersecurity and environmental, social and governance considerations, said David Bartucci, head of pension regulations and regulatory effectiveness at the Financial Services Regulatory Authority of Ontario and a member of the CAPSA’s risk management committee, during […]

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ACPM advising FSRA to take best practices approach to IT risk management

bwolfe — Wed, 05 Apr 2023 19:00:02 +0000

The Association of Canadian Pension Management is urging the Financial Services Regulatory Authority of Ontario to apply a best practices approach for the pension sector in its information technology risk management guidance. In an open letter to the FSRA, the ACPM said a real-time reporting framework for material IT risk incidents could result in a […]

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CAPSA’s risk management guideline committee seeking members for industry working group

bwolfe — Thu, 14 Jul 2022 13:00:05 +0000

The Canadian Association of Pension Supervisory Authorities’ risk management guideline committee is seeking nominations for an industry working group. The committee will draw on the group members’ technical input and expertise in the areas of integrated risk management, according to a press release, which noted participants will be selected from various pension sector categories based on […]

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Updated CAP guidelines must reflect changes in the pension industry: CPBI session

Jennifer Paterson — Fri, 17 Jun 2022 13:00:12 +0000

As the Canadian Association of Pension Supervisory Authorities looks to update its capital accumulation plan guidelines, the amendments must reflect the changes in the industry, said Angela Mazerolle, vice-president of regulation at the Financial Services and Consumer Services Commission of New Brunswick, during a session at the 2022 Canadian Pension and Benefits Institute Forum in […]

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CAPSA seeking feedback on risk management guidelines

bwolfe — Wed, 15 Jun 2022 13:00:56 +0000

The Canadian Association of Pension Supervisory Authorities is seeking feedback on three risk management guidelines. The guidelines will cover pension plans’ use of leverage, cyber risks and environmental, social and governance considerations. In a letter to stakeholders, the CAPSA said it may incorporate these guidelines into a single risk management document that will also cover […]

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Phishing and ransomware risks on the rise for pension funds, says expert

Gideon Scanlon — Thu, 02 Sep 2021 17:30:11 +0000

Phishing and ransomware attacks are among the top threats to pension plan sponsors and institutional investors by cyber criminals, according to Jennifer Williams, director of information security at the Healthcare of Ontario Pension Plan. “A common approach by cyber criminals begins with a simple phishing email designed to cause an employee to mistakenly action the […]

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