Risk Management
Governance, risk management, and compliance (“GRC”) is the backbone of Principled Performance
Assurance and Integrity
Principled Performance embodies a point of view that helps employee benefit plan fiduciaries reliably achieve objectives while addressing uncertainty and acting with integrity. It’s the result of effective GRC.
The acronym “GRC” refers to the collection of critical capabilities that must work together to achieve Principled Performance. GRC connotes much more than those three terms put together into an acronym. It is important to remember that governing is a long-standing activity among employee benefit plan (“EBP”) committees, and risk and compliance are equally enduring challenges.
GRC is nothing new. However, many have not maturely approached these activities, nor have these efforts supported each other to enhance the likelihood of achieving alignment with fiduciary standards of care. That makes GRC, as we understand it today, totally revolutionary.
Among forward-thinking EBP leaders, GRC defines a well-coordinated and integrated collection of all the capabilities necessary to support Principled Performance. GRC doesn’t burden the EBP fiduciary role; it helps and improves it.
Fiduciary GRC is an EBP risk management solution
Fiduciary GRC is a comprehensive answer for CFOs and human resource executives that are looking to save time, money, and control their risk. It’s a framework of steps and controls that map the fiduciary principles defined in federal laws and it provides these key benefits for oversight committees:
- A systematic approach for managing all four disciplines of fiduciary duty;
- Reduces workload on human resources personnel;
- Improves operational workflows;
- Guides alignment with federal and state cybersecurity rules;
- Reduces costs;
- Installs a compliance framework with 72 controls;
- Detects conflicts of interest;
- Prevents excessive fees for EBP services;
- Increases safety for plan sponsors and their plans’ participants;
- Streamlines annual CPA audit preparation; and
- Delivers peace of mind.
Fiduciary GRC™ is a trademark of Roland|Criss Fiduciary Services
Fiduciary GRC and information technology make it easier
Video
Automating fiduciary controls
ERISA fiduciary compliance is a huge undertaking, is easily misjudged, relies heavily on manual labor, and in most cases is undermined by a lack of documentation. Making use of an automated process to fulfill fiduciary duty can reduce costs for an ERISA plan and its sponsoring employer.
Practical Tip
Computer Automation Alleviates Fiduciary Risk
Automation of the processes required to legally manage an ERISA plan ensures consistent performance against fiduciary standards of care.
