When implementing an executive benefits program and/or BOLI purchase, a bank will select an appropriate vendor to coordinate the bank’s services.
As noted in OCC 2004–56, because of the long duration of both the underlying benefit programs and any BOLI financing, it is critical that the bank assess a vendor’s ability to honor its commitments over the expected life of the program. A thorough due diligence process should include a review of each vendor’s technological capabilities with consideration given to the following key variables.
M Benefit Solutions takes a comprehensive approach to security, with each of the following components dependent upon the other: policy, training, technology, and monitoring.
Due to the critical nature of our business, M Benefit Solutions has made a commitment to ensuring the continuation of business should a disaster occur. We have established a formal disaster recovery plan consisting of a Business Continuation Plan (BCP) and an Emergency Action Plan (EAP). The plans are maintained in a sustenance process which dictates regular plan reviews, upgrades, testing, and modification. Plan highlights include: hardware redundancy, a second remote data center, and data backups.
Since 1983, M Benefit Solutions has devoted considerable resources to developing proprietary software for our administrative services. Our systems conform to the “best practices” standards established by several consultant management organizations for our clients.
Client administrators have access to a plethora of custom information via BOLIPRO®, an M Benefit Solutions secure, password-protected website. To request a demonstration of BOLIPRO®, email firstname.lastname@example.org.
Quality Controls and Process
In light of the increased financial controls being placed on corporations, M Benefit Solutions made a corporate commitment in 2003 to begin providing an external audit for our clients.
The Statement on Standards for Attestation Engagements (SSAE) No. 16 is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA). An SSAE 16 report represents that a service organization has been through an in-depth audit of its control activities, which generally include controls over information technology and processes which relate to the data belonging to clients.