In the wake of the increasing globalization of corporate operations and growing complexity and ever-changing nature of regulations, organizations are placing more responsibility for benefits on their employees.
In this environment, your organization needs effective and well-documented governance to limit your fiduciary liability and provide competitive benefits to your employees.
- Do you have a documented process to ensure your health and retirement programs are compliant with current laws and regulations in the countries where you offer them?
- Does your governance process include an ongoing vendor management program that reviews fee reasonableness and service quality?
- When was the last time you completed an operational audit to ensure benefits administration processes are carried out as indicated in your governance documents?
- Do you need to align oversight committees to better manage upcoming benefit plan changes, new programs or benefit programs that may have changed to a closed or frozen status?