<\/p>\nThe Recordkeeping Industry is Changing<\/h2>\n
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The DC plan recordkeeping industry has witnessed significant growth and transformation over the years, driven by factors such as technological advancements, regulatory changes, consolidation, revenue for the players, and shifts in retirement trends. Here are some key aspects of the industry:<\/b><\/p>\n <\/b><\/p>\n <\/b><\/p>\n <\/b><\/p>\n <\/b><\/p>\n <\/b><\/p>\n <\/b><\/div>\n In light of the pace of change in the recordkeeping community, plan committees that fail to stay abreast increase the risk of losing the race to transform their retirement plans as innovations unfold.<\/b><\/p>\n <\/p>\n <\/b><\/b><\/p>\n While the DC plan recordkeeping industry has made significant progress, several challenges and trends are likely to shape its future.<\/b><\/p>\n <\/b><\/p>\n <\/b><\/p>\n <\/b><\/p>\n <\/b><\/p>\n <\/b><\/p>\n <\/b><\/div>\n<\/p>\n The DC plan recordkeeping industry has evolved significantly, driven by technological advancements, regulatory changes, and a growing emphasis on participant outcomes. While challenges exist, opportunities for innovation and improved retirement outcomes are abundant, making this industry a dynamic and critical component of the broader retirement landscape.<\/b><\/p>\n <\/p>\n <\/b><\/b><\/p>\n Many organizations lack the time and internal resources necessary to manage the selection of a plan service provider and conduct retirement plan evaluations. An unbiased expert can help by ensuring that an RFP is executed smoothly and that it produces relevant and accurate results.<\/b><\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/rolandcriss.com\/contact-us\/” button_text=”Ask us” _builder_version=”4.0.6″ custom_button=”on” button_text_color=”#ffffff” button_bg_color=”#0c71c3″][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Continued monitoring of AI-enabled services begins with knowing where that technology exists in vendors\u2019 offerings and whether it’s accommodated in their data security policies and practices. This post provides ways to embrace AI in employee benefit plan cybersecurity oversight.<\/strong>\t\t<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"\n
Challenges and Future Outlook<\/h2>\n
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Enhance Your Resources<\/h2>\n
Practical Tip<\/h6>\r\nTo meet emerging cybersecurity standards as plan sponsors, employers need to understand some basic rules, specifically the Employee Retirement Income Security Act (\"ERISA\").<\/strong>\r\n\r\nThe U.S. Department of Labor (\"DOL\") is developing cybersecurity objectives for plan fiduciaries that form the basis for its plan audits. It's likely that the DOL's guidelines will add to the foundation on which data security related class action lawsuits are litigated.<\/strong>\r\n\r\n
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\r\nCybersecurity for benefit plans often falls outside the scope\r\nof cybersecurity planning for enterprisess at large.<\/strong><\/em>\r\n\u00a0\r\n\u00a0\r\nBenefit plans often maintain and share sensitive employee data and asset information across multiple unrelated entities as a part of the benefit plan administration process. This data and asset information should be specifically considered when implementing cybersecurity risk management measures.<\/strong>\r\n\r\nBecause benefit plans are regulated by ERISA, anyone who interacts with the plan should be particularly aware of the impact that breaches have on participants and beneficiaries and the associated rights and duties of plan fiduciaries arising under ERISA.<\/strong>\r\n\r\nEveryone who comes in contact with personally identifiable information (\u201cPII\u201d) has a role to play in protecting plan data.<\/strong>\r\n\r\nHere's where to start...<\/strong>\r\n\u00a0\r\nAdopt a Cybersecurity Policy<\/h2>\r\nRegardless of a plan's size or complexity, the need for a cybersecurity policy statement<\/em> (\"CPS\") has escalated to the same level of importance as an investment policy statement. If your plan currently lacks a CPS, don't delay in adding one to the policies on which you rely to demonstrate that your plan is being managed prudently.<\/strong>\r\n
Conduct a Cybersecurity Risk Assessment<\/h2>\r\nInitiate an examination of your plan's current cybersecurity sensitivities, resourced either internally or by a qualified third-party expert. A legally defensible risk assessment will adhere to 18 discovery tasks. Scored on a scale of 1 to 100, an assessment offers a way to ensure continued improvement. Ask Roland|Criss for a list<\/em><\/a>.<\/strong>\r\n\r\n
Elevate Cybersecurity to a High Monitoring Priority<\/h2>\r\nThe agendas of benefit plan related committees should include a permanent entry for monitoring a security management plan<\/em>. Best practices for ERISA governance, risk management, and compliance (\"GRC\") systems now require evidence of robust monitoring. Using a technology application tailored for that purpose is a must. Ask us about FiduciaryGRC<\/a>\u2122<\/sup>, a state of the art cybersecurity solution that covers the entire risk spectrum; assessment, technology, and monitoring.<\/strong>\r\n\r\nFiduciaryGRC\u2122<\/sup> is a trademark of Roland|Criss.<\/span>","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"sync_status":"","episode_type":"","audio_file":"","castos_file_data":"","podmotor_file_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","footnotes":""},"categories":[7],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/rolandcriss.com\/wp-json\/wp\/v2\/posts\/38069"}],"collection":[{"href":"https:\/\/rolandcriss.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rolandcriss.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rolandcriss.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/rolandcriss.com\/wp-json\/wp\/v2\/comments?post=38069"}],"version-history":[{"count":25,"href":"https:\/\/rolandcriss.com\/wp-json\/wp\/v2\/posts\/38069\/revisions"}],"predecessor-version":[{"id":38136,"href":"https:\/\/rolandcriss.com\/wp-json\/wp\/v2\/posts\/38069\/revisions\/38136"}],"wp:attachment":[{"href":"https:\/\/rolandcriss.com\/wp-json\/wp\/v2\/media?parent=38069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rolandcriss.com\/wp-json\/wp\/v2\/categories?post=38069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rolandcriss.com\/wp-json\/wp\/v2\/tags?post=38069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}