Dutch pension funds should improve their assessment procedure for potential breaches of integrity, such as corruption, conflicts of interest and fraud, watchdog De Nederlandsche Bank (DNB) has suggested. After assessing a number of risk analyses submitted by pension funds, DNB concluded that much was “open to improvement”, according to financial daily Het Financieele Dagblad (FD).“It is obvious that risk analyses are largely limited to a small number of integrity risks and are lacking depth,” the DNB said.The FD further quoted a DNB spokesman as saying that the findings were serious, as “integrity should not depend on documents, but should be embedded in an organisation”. “If a pension fund even can’t write down what the risks are, the chances of everything being under control are smaller.”According to the spokesman, DNB’s assessment was merely based on risk analyses of 25 pension fund which already had such assessments available during an earlier probe into conflicts of interest by the regulator.He added that the supervisor had subsequently requested all other pension funds to submit such a risk analysis before 1 August.The spokesman further made clear that DNB was fully aware that pension funds differed from financial institution such as banks and insurers, and that for example money laundering risks were smaller.“However, pension funds have invested billions for their participants, and therefore they should be aware that such matters pose a potential risk for their integrity,” the FD quoted him as saying.He further underlined that the DNB framework for integrity standards was fully based on legislation. DNB announced that it would present guidelines for addressing integrity risk later this year.
AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisALPENA, Mich. — Recent discovery of a herd infected with bovine tuberculosis in Alpena County has led to upcoming discussions on deer and cattle health.The Michigan Department of Agriculture and Rural Development and the Michigan Department of Natural Resources will present the latest information on groups most impacted by TV in Northeast Michigan. They are working with Michigan State University Extension and the U.S. Department of Agriculture’s Wildlife Services. Leaders will speak on gut health and nutritional needs in deer and cattle.Meeting TimesTuesday, May 21 at 7 p.m.Wilson Township Hall3746 King Settlement Rd.Alpena, MI 49707andWednesday, May 22 at 7 p.m.Oscoda County Community Center305 E 9th St.Mio, MI 48847AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Head Start preschool program expanding from half to full days, more staff neededNext Photo of the Day for Tuesday, April 30