Presentation on theme: "A Part of IRM: Fiduciary Risk By Jamie Collier & Jim Plaster."— Presentation transcript:
A Part of IRM: Fiduciary Risk By Jamie Collier & Jim Plaster
Condition – Member’s Fiduciary Exposures: Lack of monitoring Investment Performance Lack of monitoring fees charged to participants Lack of competitive analysis and procurement in record keeping services Administrative & Record Keeper services ignored or left on “auto pilot” Etc.
Coverage: WSTIP’s SIR Layer GEM Layer – reportedly not covered Excess Layer - ??
Initiative: (Reduce Exposure to Pool) Exclude coverage in SIR (leave all members bare) Continue coverage in SIR Seek additional coverage in GEM & other excess layers Improve loss avoidance Establish a pooled resource for monitoring investment performance, fees, competitive analysis and procurement of record keeper services, etc.
Initiative (continued): It is possible to efficiently and effectively accommodate many individual plans in a pooled environment for reduction of risk
Recommendations: Treat Fiduciary Exposures as any other exposures for members under our IRM philosophy Pursue a common understanding that our pool desires to provide broad coverage (rather than narrow) of all liability risks our members have responsibility for.
Recommendations (continued): Improve our loss avoidance assets and tools for Fiduciary Exposures thru an efficient & effective process. (A pooled resource for monitoring employee benefit funds investment performance, fees, competitive analysis & procurement of record keeper services, etc.)