It comes from outdated processes that haven’t kept pace with today’s fiduciary expectations.

Most plan sponsors don’t ignore their fiduciary responsibilities.

In fact, many committees are doing what they believe is right.

The challenge is that fiduciary risk often builds quietly—when processes, documentation, and oversight practices haven’t been revisited as regulations, plan complexity, and scrutiny increase.

After working with plan committees for nearly two decades, we often see fiduciary exposure arise from:

  • Fiduciary processes that haven’t been formally reviewed in years
  • Roles and responsibilities that are assumed—but not clearly documented
  • Fee oversight that exists, but isn’t consistently benchmarked or memorialized
  • Committee decisions that are reasonable, but difficult to defend after the fact

Good intentions alone don’t reduce fiduciary risk.

Clear process and documentation do.

A strong fiduciary framework typically includes:

  • Clearly defined fiduciary roles and responsibilities
  • A documented process for evaluating fees, services, and providers
  • Regular review of committee governance and decision-making practices
  • Ongoing documentation that demonstrates prudence over time

This doesn’t require perfection—but it does require discipline.

One way plan sponsors gain clarity is through a Fiduciary Audit.

This review is designed to help committees:

  • Evaluate their fiduciary framework and governance practices
  • Identify potential gaps or outdated processes
  • Strengthen documentation and decision-making discipline

There’s no obligation—just an opportunity to understand where risk may be quietly developing and how to address it proactively.

Ready for a Fiduciary Check-In?

If your committee hasn’t reviewed its fiduciary process recently, a brief conversation may be helpful.

Request a Fiduciary Check-In