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Operational Risk: Ensuring that the Achilles’ Heel of Retirement Plans is on Good Footing
For too many organizations, operational risk does not receive the same attention as other risks. This often leads to issues with the IRS and the DOL, including fines and other unexpected costs. Operational risk is defined as any of the specific risks associated with operating a retirement plan, such as vendor and/or staff errors, systems failures, criminal activities and/or fraud, as well as other disruptions of business processes. These issues typically occur due to inconsistent application of processes, non-alignment of procedures with plan documents and the law, non-documented procedures, poor checks and balances, evolving plan designs, and continually changing regulatory frameworks.

Despite often delegating risk-management tasks, retirement plan sponsors remain responsible as fiduciaries for the adequacy of their oversight across all functions and categories. Plan sponsors, their staff, and chosen service providers must maintain a framework to minimize the probability and severity of loss related to operational-risk events. This session will show how a proper framework allows plan sponsors to reduce the probability of operational failures, as well as mitigate the severity of the impact of such failures if they do occur.

CEBS - qualifies for 1 hour of CPE
HRCI - preapproved for 1 HR (General) credit
SHRM - valid for 1 PDC
ASPPA - qualifies for 1 hour of CE

Jul 17, 2019 11:45 AM in Pacific Time (US and Canada)

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Sean P. Mahon, CEBS, CEBS Fellow
Lead Senior Consultant, Administration Consulting Practice @Sibson Consulting
Mr. Mahon has almost 25 years of benefits experience. He provides technical advice and counsel to clients in the administration of retirement plans, incorporating analysis of relevant marketplace trends and developments. His expertise covers the detailed review of current state status with respect to recordkeeping and administration; recommendations regarding process improvements, best practices, and legal and regulatory compliance; and vendor selection and ongoing vendor management. Mr. Mahon has significant experience consulting on many facets of plan administration, including participant service-model evaluation and service-level metrics, business requirements and plan documentation, systems testing and quality assurance, participant transaction and benefit calculation review, and many other aspects of mitigating benefit plan operational risk. He is a past president of the Northern New Jersey Chapter of the ISCEBS and at present serves on the ISCEBS Governing Council.