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Winners List 2023
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MPF Awards 2022 – Winners List
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Fund Awards 2023 – Winners List
MPF Awards 2023 – Winners List
HOME
AWARDS INFORMATION
Hong Kong & Singapore
Taiwan 台灣
Winners List 2023
Fund Awards 2023
MPF Awards 2023
PAST WINNERS
Fund Awards 2022 – Premier Hub
Fund Awards 2022 – Winners List
MPF Awards 2022 – Winners List
FORUM
Gatekeepers Forum
Sustainable Wealth Forum
ABOUT
About Benchmark
About BlueOnion
Contact Us
Fund Awards 2023 – Winners List
MPF Awards 2023 – Winners List
Mandatory Provident Fund – Risk Management Award
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Company name:
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MPF – Risk Management
The Risk Management Award aims to identify MPF Trustees who have best-in-class risk control infrastructures, practices and outcomes. Please demonstrate your firm’s foresight, vision and accomplishments in the following areas:
1. Has your company signed the Governance Charter for MPF Trustees?
Yes
Not yet, but we have concrete plans to be a signatory before 30 June 2023
No, and we have NO concrete plans to be a signatory
Other responses
Other responses (please specify, maximum 150 words):
2. Do your company’s governance policies, framework and practices exceed regulatory requirements and MPFA’s guidelines?
Yes
Not yet, but we have concrete plans to go beyond regulatory requirements (our responses below are based on these concrete plans)
No, and we have NO concrete plans to exceed regulatory requirements
Others
Others (please specify, maximum 150 words)
3. What are your definitions of risk for key functions in the front, middle and back offices?
Investment losses suffered by our scheme members
Inappropriate advice provided to our scheme members by our employees, officers, advisors and/or associates
Products that do not fit well with our scheme members’ risk-return profiles
Inability to provide fair, accurate and useful updates and guidance to scheme members during times of market stress
Non-compliance with the relevant rules and regulations
Breach of data integrity / data theft
Loss of critical and confidential data
Inaccuracy in our data set (including customer data, investment-related data, accounting, and other data)
Website / app / online service downtime
Hacks into our website/ apps / social media / online services
Fraud committed by our employees or officers
Unethical behavior on the part of our employees or officers
Accounting irregularity
Our company being unable to respond to major changes in regulation
Our company being unable to respond to major changes in scheme members’ behaviors and needs
Our company being unable to respond to technological changes
Loss of our company’s competitiveness against peers
Loss of our company’s reputation
Terrorism, geopolitical instability, natural disasters and other “macro” events
Others
Others (please specify, maximum 150 words)
4. You have clear, explicit risk management policies and procedures in the following functions. Please select all that apply to your company:
Investment management
Product management
Sales and marketing
Member/Fund services
Employer services
IT
Data management
HR
Finance
Fund accounting/reporting
Legal
Compliance
Board of directors
CEO’s office
CIO’s office
Others
Others (please specify, maximum 150 words)
5. Which of the following committees do you have in the board of directors (please do NOT include ad-hoc committees)? Please select all applicable answers:
Technology (and/or Disruptions) Committee
Cybersecurity (and/or Data Security) Committee
Risk Management Committee
ESG Committee
Investment Committee
Audit Committee led by an independent non-executive director
Audit Committee led by a director who is also an employee, a shareholder or other interested party of the company or group
Remuneration Committee led by an independent non-executive director
Remuneration Committee led by a director who is also an employee, a shareholder or other interested party of the company or group
Board Evaluation Committee led by an independent non-executive director
Board Evaluation Committee led by a director who is also an employee, a shareholder or other interested party of the company or group
Discipline Committee led by an independent non-executive director
Discipline Committee led by a director who is also an employee, a shareholder or other interested party of the company or group
Nomination Committee led by an independent non-executive director
Nomination Committee led by a director who is also an employee, a shareholder or other interested party of the company or group
Others
Others (please specify, maximum 150 words)
6. What is the Business of the Risk Committee? Please select all that apply:
Proactively identify risk issues
Assessment of risks
Mitigate and Manage risks
Risk controls policies and implementation
Regulatory risks monitoring
We do more than the above – please explain
We do more than the above – please explain
7. Please describe the functions, objectives and accomplishments of at least THREE key committees mentioned in Question 3.
(Minimum 200 words, maximum 600 words)
8. How is risk management integrated into the various functions throughout the organization, from the front to middle to back offices?
(Minimum 200 words, maximum 600 words)
9. Corporate Risk Management: Please select all statements that apply to your firm:
The annual bonus, both for investment and non-investment staff, is based partly on meeting investors' needs. Factors such as defending investors' interests, refraining from taking risks that are out of line with target investors' profiles, product innovation to meet investors' unmet needs, and other actions aligned with investors weight 30% or more in determining bonuses
The annual bonus may be clawed back if a staff member has acted out of alignment with investors' interests during any year. Examples include, but are not limited to, taking risks exceeding target investors' risk profile, trading for personal benefit over investors', making representations to distributors/investors/the public/regulators/other parties that obscure the actual situation of a fund or the firm, among other possible infringements of fiduciary or moral responsibility to investors
An independent director leads our compensation committee to ensure objectivity and fairness for employees at all levels
Our CEO, country/regional head, or equivalent reviews client complaints at least once a month
Non-investment decisions of all magnitude can only be made by ONE person, i.e., the CEO, Chairman, Founder, or another similar individual. No one else may make non-investment decisions
We have clear, unambiguous procedures AND protections for whistleblowing
Members of our board of directors include the Chief Compliance Officer (who is NOT also concurrently playing the role/s of CEO, Chairman, or another individual who is already on the board)
Members of our board of directors include our Chief Risk Officer (who is NOT also concurrently playing the role/s of CEO, Chairman, or another individual who is already on the board)
Our Chief Compliance Officer, or equivalent, reports directly to the board of directors, not to the CEO, COO, or other function.
Our Chief Risk Officer, or equivalent, reports directly to the board of directors, not to the CIO, CEO, COO, or other function.
10. Trustee’s Commitment to active engagement/stewardship. Please select the statement(s) that describe your approach to stewardship as Trustee. You may choose more than one statement where applicable:
We have a clearly articulated, explicit, publicly available policy/framework on investing responsibly across ALL our strategies, including non-ESG, non-SRI strategies
We do NOT yet have an explicit, clearly spelled out stewardship policy/framework/principle, but we are in the process of finalizing one within the next 12 months
We do NOT have an explicit stewardship policy/framework -- and do NOT have plans for one -- but we invest responsibly whenever possible across ALL our strategies, including non-ESG, non-SRI strategies
We allow investment strategies that are responsibly ONLY in our ESG, SRI, and/or sustainable strategies. We do not practice responsible investing in other strategies
We are signatories to one or more stewardship principles, but we have no concrete plans to institute a stewardship policy/framework at our firm at the moment
We are not signatories to stewardship principles/codes; we have no stewardship policies, but we are keen to move in that direction within the next 1-2 years
We think stewardship is NOT suitable for the MPF model
We do NOT think stewardship is important to MPF, and we do not feel it's necessary to explain why
Our firm does NOT have a position on stewardship
Additional remarks, if any
11. Governance Oversight : Who, in your organization's board, chief-level staff, investment committee, and/or head of a department have formal oversight and accountability for responsible investment?
Board and/or trustees
Chief-level staff (e.g., Chief Executive Officer (CEO), Chief Investment Officer (CIO), or Chief Operating Officer (COO))
Investment committee
Other chief-level staff
Head of a department
None of the above roles have oversight and accountability for responsible investment
We do not practice responsible investment
Additional remarks, if any
12. Please explain the the Governance Implementation within your organization as Trustee on the supervision of scheme’s performance and monitoring of the managers behavior and performance, which internal or external roles have responsibility for implementing responsible investment?
Board and/or trustees
Chief-level staff (e.g., Chief Executive Officer (CEO), Chief Investment Officer (CIO), or Chief Operating Officer (COO))
Investment committee
Other chief-level staff
Head of a department
Portfolio managers
Investment analysts
Dedicated responsible investment staff
Investor relations
External managers or service providers
We do not have roles with responsibility for implementing responsible investment
Additional remarks, if any
13. Please elaborate on the procedure where an investment manager triggers an alert and under what circumstances will an investment manager be sacked? Has that happened before and what were the procedures to replace the investments with another manager? How are members’ interests being protected?
14. What is the percentage of the risk committee that is independent?
15. Are there any executives on the risk committee?
Yes
No
16. Does the firm describe business continuity risks related to disruptions of operations?
Yes
No
17. Does the firm link its directors' bonuses to the achievement of long-term goals?
Yes
No
18. Does the firm have a Code of Ethics?
Yes
No
19. Percentage of non-executive directors that have industry-specific expertise
20. Does the firm have country-specific components in their anti-bribery and/or corruption statement or policy?
Yes
No
21. Does the firm provide its employees with training on anti-bribery and/or corruption?
Yes
No
22. Has the firm been involved in any customer-related lawsuits or offenses investigated by a judicial/regulatory process during 12 months?
Yes
No
23. Does the firm discuss or monitor the impact that its products and services have on members?
Yes
No
24. How do you identify potentially fraudulent withdrawals, and please share some of the successful cases in stopping the issues from happening?
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