Westminster Consulting Brochure Defined Contribution | Page 11

T FIDUCIARY COMPLIANCE RESOURCE CENTER he Fiduciary Compliance Resource CenterSM (FCRC) is a secure web-based fiduciary management platform designed to assist investment fiduciaries in managing their responsibilities by promoting procedural prudence, consistent documentation, collaboration among members and professionals, and an easy-to-access document library. Here at Westminster, we have a Software Project Developer on staff who created FCRC specifically for our clients - to make the fiduciary process simpler. Through online review and collaboration, the interactions between fiduciaries and vendors are streamlined, thus improving efficiency and plan effectiveness. Access to FCRC enables fiduciaries to efficiently retrieve and review agendas, meeting notes and minutes, recommendations, and committee decisions in a timely and secure manner. PLAN SPONSOR BENEFITS Manage Fiduciary Responsibility • Provides tools for documentation • Promotes committee collaboration and consistency in decision making • Engages plan committee members • Aligns committees with fiduciary excellence Mitigate Fiduciary Liability • Provides easy access to archived documents • Demonstrates process • Exemplifies due diligence KEY FEATURES Document Library and Workbin FCRC has two document retention systems— the Workbin and the Document Library. Both serve as a medium for organization and work flow management, and each committee has unlimited file storage. This reduces clutter and provides an easily navigated electronic paper trail than ensures clear documentation and evidence of decision making in the event of a challenge or review. Workbin The Workbin provides an online collaboration space for work in progress. Minutes, agendas, annual board reports and other items that a committee must have access to, can be stored here while pending review, edits, and approval. Using the comment tool, committee members can easily comment and collaborate on all work in progress. Library The Library is designed for archiving finished plan documents, regulatory reports, vendor materials, performance reports, and other documents the Committee deems important. The Library allows committee members to have easy and secure access to plan documents anywhere they have an internet connection. Calendar The calendar reminder system helps users to keep tabs on the status of tasks and deadlines assigned to your committee members and important regulatory filing dates. Minutes The minutes template provides a consistent and concise format for recording committee minutes. The template allows for collaboration between the committee secretary and consultant for a more efficient and streamlined workflow. Notifications are sent out when minutes are created, commented on, and published for assignment. Agenda The agenda template promotes collaboration and accountability. It features the ability to create assignments, attac