Maturity meaning

How to use this Checklist This Checklist offers a structured approach to embedding AI governance within a professional services business. Robust AI oversight calls for a highly tailored method, aligned to the specific enterprise; it will vary by business type, risk tolerance, available resource, and the maturity of current governance arrangements. Nonetheless, this Checklist signposts the core considerations to support firms in adopting AI responsibly while safeguarding client trust, meeting regulatory obligations, and maintaining professional standards. Further reading Practice Note: Artificial intelligence and machine learning—an introduction to the technology Practice Note: The AI project lifecycle—a quick guide Precedent: Policy—use of generative artificial intelligence Practice Note: Negotiation guide—AI contracts Practice Note: Artificial intelligence—UK regulation and the National AI Strategy AI governance checklist—professional services Stage of implementation Key takeaways/further reading Define the scope: clearly set out what ‘AI’ covers for your governance framework (for example)...

What is the background to TPR’s guidance? As funding positions strengthen and market innovations come through, trustees and employers are encountering a wider suite of financial, governance and insurance tools to meet their schemes’ long-term aims. Insurer buy-out was once viewed as the definitive DB endgame, yet TPR has now confirmed it is not the only route. The guidance is intended to help trustees steer through emerging options, judge their suitability, and make informed choices that improve financial outcomes, strengthen governance and bolster member security. It also emphasises the relevance of scheme-specific circumstances and the importance of obtaining professional advice. What are the key points, aspects, and themes of the guidance? The guidance is framed around several core themes. Endgame planning is no longer a single-track journey, and trustees are encouraged to explore a spectrum of outcomes: aiming for self-sufficiency, continuing to run on the scheme, transferring to consolidators such as superfunds, or insuring benefits via buy-ins and buy-outs. Each route carries distinct characteristics, risks and benefits,...

In this issue: Cybersecurity Daily and weekly news alerts New and updated content Cybersecurity ENISA releases report on cybersecurity investments under NIS 2 Directive The European Union Agency for Cybersecurity (ENISA) has issued a study assessing the effects of Directive (EU) 2022/2555 (NIS 2 Directive) on cybersecurity investment and organisational maturity. It notes a marked rise in information security expenditure, with 9% of EU IT investments now directed to this area...

Introduction TPR’s draft Code offers practical direction to trustees on fulfilling all DB scheme funding obligations. It aims to assist trustees, sponsoring employers and their advisers in managing and planning DB funding over the long term while supporting compliance with the law. The draft Code will introduce clearer DB funding benchmarks, enhance TPR’s oversight of the market, and provide greater support in safeguarding member benefits. At the same time, it retains flexibility to accommodate scheme‑specific funding approaches. What was the background to TPR’s second consultation on the draft DB funding code and its regulatory approach? The draft Code has been completed to reflect consultation feedback, the relevant Regulations, and TPR’s extensive engagement with the industry. TPR first consulted in March 2020, then launched a three‑month consultation on the draft Code in December 2022 alongside a consultation on its regulatory approach. In March 2024, TPR also consulted on its approach within its statement of strategy, seeking views from trustees and advisers on the type and the extent of...

This Practice Note looks at Term Loan B (TLB) facilities, which often feature as a senior tranche within syndicated loans in leveraged financings. TLBs are long-established in the US market and are increasingly seen in the European lending market for institutional investors. It examines the structure of a typical TLB and how it diverges from traditional European leveraged loans, before setting out the key features. This Practice Note assumes some understanding of leveraged finance. For introductory information, see: Introductory guide to acquisition finance. For explanations of common terms, see Practice Note: Glossary of acquisition finance terms and jargon. What is a Term Loan B? In lending markets, ‘Term Loan B’ or ‘TLB’ (short for Term Loan Bullet) describes a tranche of senior secured credit facilities made available to a borrower and intended to be syndicated in the institutional loan market. They are usually floating-rate term facilities with an actual or implied non-investment grade rating, a five to seven year maturity and either nominal amortisation of 1% per annum...

Except where an exemption or relief applies, payments of: annual interest (or amounts that tax rules treat as annual interest), and that have a UK source must be made under deduction, with the payer required to withhold and account to HMRC for UK income tax at the basic rate (20%) or, from 6 April 2027, at the savings basic rate (22%) (for more detail, see Practice Note: UK withholding tax on yearly interest). This Practice Note describes the duty to deduct (and account to HMRC for) UK income tax from UK‑source annual interest as a withholding tax, even though it is in substance a mechanism for collecting UK income tax from the UK‑based payer rather than from the recipient who: is the beneficial owner of the income, and is likely to be based outside the UK For more information on the requirement to deduct UK income tax from UK‑source annual interest, see Practice Note: Administration...

Practice Note for UK defined benefit (DB) occupational pension schemes This Practice Note is archived and is not maintained. It reviews the Pensions Regulator’s approach to funding defined benefit pension schemes for valuations with an effective date before 22 September 2024, in line with the Code of Practice on funding defined benefits dated 29 July 2014, alongside the relevant annual funding statements. It also summarises the Pensions Regulator’s approach prior to July 2014. For information on the Pensions Regulator’s approach for scheme valuations with an effective date on or after 22 September 2024, see Practice Notes: DB pensions funding reforms 2024 and The scheme-specific funding regime. When considering scheme funding issues, trustees and employers should take into account the Pensions Regulator’s approach to funding defined benefits (DB benefits). How would the Pension Regulator communicate its approach to DB scheme funding? The Pensions Regulator’s position in relation to DB scheme funding was mainly conveyed through the following documents: a code of practice on funding defined...

Task Points to consider Actions ☐ Understand what you are seeking to achieve Technology can enable a legal department to operate more effectively and efficiently. Define aims and objectives that reflect the department’s size, maturity and priorities within the legal department, for example: where might the legal department be more effective and efficient? how can workflows be streamlined within the legal department and with colleagues across the organisation? which technology, people and processes are needed to help the legal department to best accomplish its goals? what is the budget? ...

The BIM Manager shall: General responsibilities Plan and steer BIM implementation for the Project Guide the Project Team to BIM maturity required by PAS 1192-2:2013 Chair BIM launch, modelling and review meetings; log conflicts and co‑ordination issues Track BIM process adoption and deliver, log and refine training Working with the Project Team Liaise and co‑operate with Employer, Contractor, design team and others appointed Assess consultants’ and suppliers’ BIM capability; engage with each party’s BIM lead Help Contractor and designers embed BIM in management and delivery Answer team BIM queries, promote best practice and set up efficient BIM-enabled processes BIM Execution Plan Initiate, lead and agree the BEP; keep it current Implement the BIM Protocol; align methods with the Plan Ensure adherence to all Plan protocols Common Data Environment Federate models in the CDE for review and manage the process ...