Risk Assessment Services

Summary (Newest Update)

Background The Pension Board of the Employees' Retirement System of the County of Milwaukee is seeking proposals from qualified companies to provide professional services for a comprehensive risk assessment and the development of an internal audit program. This initiative aims to enhance fiduciary oversight, ensure sound internal controls, and proactively manage organizational risks associated with the pension systems administered by the Board. Work Details The selected firm will provide services including: 1. Enterprise Risk Assessment: Identify and evaluate operational, financial, investment, technology, and compliance risks; prioritize identified risks; develop a formal risk register and mitigation roadmap; recommend processes for continuous risk monitoring. 2. Internal Audit Program Development: Assist in drafting an Internal Audit Policy aligned with professional standards; define the audit universe and develop a three-year risk-based internal audit plan; establish methodologies, reporting standards, and communication protocols. The assessment will focus on operational risks, regulatory/legal risks, governance risks, and risk management without duplicating efforts of existing vendors for financial audits or actuarial services. Period of Performance The contract will commence upon award and is expected to span approximately one year. Place of Performance Services will be performed primarily at the offices of the Milwaukee County Pension Board located at 600 N. Plankinton Ave., Milwaukee, WI 53203. Bidder Requirements Proposers must demonstrate experience in risk management consulting and internal audit procedures specifically for public retirement systems. They must also comply with insurance requirements as outlined in the RFP and submit an Equal Employment Opportunity Commission (EEOC) Compliance Certificate.