In addition to funding and investment risk, HOOPP faces a number of operational risks related to the day-to-day governance and administration of the Plan. While it is impossible to predict let alone preclude every operational risk, HOOPP has – based on industry best practices – taken a number of key steps to protect the Plan and its stakeholders:

HOOPP’s Board conducts an annual review of its governance structure and procedures.

• The Plan has a number of policies in place designed to minimize operational risk, such as:
  • a code of business conduct
  • a policy governing confidentiality and disclosure of information
  • a whistle-blower protection policy
  • conflicts of interest policies
  • a privacy policy
    
    
• HOOPP has a regularly tested business continuity plan in place. This rigorous plan is designed to ensure that HOOPP can – in the event of a disaster – recover its critical systems at an off-site location and carry on core business functions (including the processing and payment of pensions). 
  
  
• During 2007:
  • HOOPP introduced a succession planning strategy to ensure it has the knowledge-based talent it needs going forward
  • moved forward with comprehensive reviews of its internal controls and compliance processes