The trustees of a scheme or trust RAC are mandated to conduct and document a comprehensive own-risk assessment at least once every three years, ensuring proportionality to the scheme's internal organisation and the complexity of its activities. This assessment should be promptly updated following any significant risk profile changes.

Key elements to consider in the assessment include the integration of risk management into decision-making, conflict prevention strategies, funding assessments, and evaluations of member benefit risks. Additionally, the trustees must employ suitable methods to identify and assess both short-term and long-term risks, informing strategic decisions accordingly.