Investment Operations & Internalisation
Internalisation, investment operations, trading operations, middle office and data.
Superannuation & Pensions
Risk, Controls & Regulatory Change
Obligations implemented as operating change, with the evidence produced by the process.
Overview
For a superannuation fund the regulatory agenda is operating change. CPS 230 is supervised in run-state: critical operations mapped, tolerances tested, material service provider registers kept current. SPS 530 sets expectations for investment governance, including unlisted asset valuation frameworks with defined cadence, out-of-cycle triggers and independent challenge. The performance test publishes cost and returns as a score. UK schemes carry their own versions of the same expectations.
We implement each obligation as a working part of the operating model. Controls sit in the daily routines of investment and administration operations, the evidence supervisors ask for is produced by the process itself, remediation programmes are run to closure, and the risk framework is kept in step as the fund internalises and grows.
The work runs from a readiness assessment against a single standard to ownership of a full regulatory change or remediation programme, working in the first line or alongside the fund's risk function.
What we do
New obligations translated into changes to processes, systems and controls, delivered as one planned portfolio rather than parallel compliance projects. Each obligation lands as a working part of the operating model, with the evidence produced by the process itself.
CPS 230 as an operating capability: critical operations mapped and kept current, tolerances set and tested against realistic scenarios, and material service provider arrangements assessed, registered and reviewed as part of normal vendor management.
Investment governance frameworks aligned to SPS 530, including unlisted asset valuation: cadence matched to asset risk, defined out-of-cycle revaluation triggers, independent challenge, and a clear line from valuation through unit price to member accounts.
First-line controls designed into the daily routines of dealing, valuation, administration and payments — owned by the teams that run them, tested on a defined cycle, and producing evidence as a by-product of the work itself.
Remediation programmes planned, run and closed: root cause established, fixes delivered into processes and systems, affected members made good where required, and closure supported by clear evidence of what was done and what changed.
The operational risk framework kept in step as the fund internalises and scales: new activities risk-assessed before launch, the control library extended to cover them, and risk reporting that reflects the fund as it now operates.
What to expect
Most engagements start with a gap-and-evidence view: what the standard asks, what the fund can currently show, and where the difference sits. The plan that follows is operating change — process, system and control work with owners and dates — delivered alongside the fund's risk and operations teams, with progress visible to the board throughout.
Engagements run from a focused readiness assessment to a full regulatory change or remediation programme.
01
Assess
Establish the current state, the constraints, the risks and the value at stake.
02
Define
Shape the target model and the business case with the executives who own the outcome.
03
Mobilise
Stand up the team, the plan and the governance around the outcome.
04
Implement
Design, build and test the change, with the business alongside.
05
Sustain
Cutover, hypercare and handover, so the business runs it under its own control.
The same five stages on every engagement, led by senior practitioners end to end. How we work
Insights
Related thinking.
Get in touch
Talk to a Partner about Risk, Controls & Regulatory Change.
Tell us what needs to change and where the pressure or risk is showing.