Operations Reviews

Investment Operations

Our investment capability reviews are customized deep dives into targeted areas of investment policies, procedures, and operations. These reviews compare current practices with leading practices and identify priority opportunities for improvement.

The scope and investment operations review can be tailored to include:

  • Development and use of investment beliefs, investment strategies and policies, and asset allocation

  • Investment sourcing due diligence, manager selection, negotiations and contracting, monitoring, watch list, and termination

  • Portfolio oversight, including rebalancing, compliance, portfolio risk, investment performance reporting, fee management, and reporting

  • Use of external advisors (consultants, legal) and other key third-party service providers (e.g., custodian, securities lending agent, foreign exchange agent, transition managers, brokers)

  • Investment management tools (e.g., analytics, risk management)

  • Staffing, including levels and adequacy, competencies, education and training, recruitment, selection, evaluation, discipline, and termination

  • Independent reassurance (harmonization and coordination) e.g., internal audit, external audit, enterprise risk management, and third parties

  • Defined contribution program policies and practices

  • Back-and middle-office capabilities, including investment accounting, performance reporting, and fund valuation

  • Compliance

  • Other support function policies, processes, and capabilities, e.g., procurement, information technology, and business continuity and support

 

Benefits and Administration Operations

We conduct capability reviews focused on all areas of benefits administration, including for systems that offer health insurance as well as key support functions. These reviews compare current practices with leading practices and identify priority opportunities for improvement.

The scope of benefits and administration operations reviews can include:

  • Member data management and data security

  • Handling of adjustments and exceptions, appeals, service credit, and court settlements

  • Regular payment processing and pension reporting

  • Pension plan design and development

  • Health care provider contracting

  • Third-party provider compliance monitoring

  • Health care cost monitoring and cost controls

  • Employer contract center, data management and security, education and communication, and employer statements and reporting

  • Actuarial reporting practices and valuations

  • Financial accounting operations and reporting

  • Planning, budgeting, and performance reporting

  • Human resources, including recruitment, hiring organizational development, employee training and development, succession planning, and HR administration

  • Legal support

  • Information systems planning, governance, and support

  • Facilities management and support

  • Procurement

  • Business resumption

  • Policies and procedures documentation and review

  • IT Security