Compliance reviews and audits of benefits administration providers are material in overall financial and operational due diligence. Most organizations have either an internal or external ERISA counsel responsible for ensuring that employee benefit plans are compliant with both DOL and ERISA guidelines.
Employee benefit plan stewardship oversees benefit administration providers, ensuring they meet their financial and operational commitments. Compliance reviews and audits are a routine part of the verification process and a best practice for effective vendor management.
Working with Curcio Webb
A benefit administration compliance review focuses on the following:
Regulatory compliance procedures and controls
Compliance with contractual terms
Opportunities for process improvement
Strategizing compliance resolution
A compliance review demonstrates financial and operational due diligence. Requesting a compliance review—whether for the first time or as part of a periodic process—is a sign of stewardship and best practices around vendor management. The review sends a message to your provider that you expect contractual commitments to be met.
Curcio Webb is known and trusted by providers. As an independent party, providers are willing to give us full access to their systems and documentation. We provide employee benefit plan compliance-related guidance and support across virtually all aspects of benefit plan administration.
Our team members are comprised of subject matter experts. We do not believe that generalists can drive the specific outcomes our clients desire. Curcio Webb consultants have a varied background, which includes working for providers, global consulting firms, and industry. In addition, we have actuaries who joined Curcio Webb from large consulting firms and an ERISA attorney who served as an internal benefits attorney for two Fortune 50 organizations.