Risk management is a healthy obsession at LAPP. It is at the heart of everything we do.
We owe pensions to 250,000 LAPP members, now and well into the future. That is a big responsibility and we take it very seriously. To meet those obligations we must keep the Plan well-funded and focus on its long-term sustainability.
To that end, risk management remains a strategic priority at LAPP as we work to ensure that all risks are identified, quantified, managed and mitigated. The LAPP Board, as part of it fiduciary duty to members, manages a spectrum of risks facing the Plan and develops a strategy for dealing with them in advance.
The Board reports annually on its risks to the President of Treasury Board and Minister of Finance, who is the trustee and administrator of LAPP. The risk report, called the Enterprise-Wide Risk Management Framework, is a comprehensive assessment of all risks facing LAPP and it covers the integrated responsibilities of the Board of Trustees, ALAPP Corp., and our service providers APS and AIMCo.
Some of the risks that need to be managed by the Board include: