In order to ensure the correct governance protocol, pension funds should check and keep checking their service providers, whether in person or digitally. Why is this important? Just look at the Aon/WTW merger and its impact on Aon and WTW’s respective ‘business continuity.’
If you are a pension fund who have Aon or WTW as a provider, you probably decided to use either one of them as your service provider because they offered a unique service which appealed to your fund. Now, with this current merger, can you ensure that they will still offer that same service which was offered before? No, of course not. There is no way to ensure this same provision, however, you can assess your provider’s minimum requirements through a comprehensive digital questionnaire, which we at Avida can offer. For example, we can assess a provider’s ‘business continuity’ and therefore whether any disruptions to an organisation (such as through a merger) will affect the business sufficiently enough, so that it looks different from before. Therefore, any merger activity of your service provider needs an assessment of the service they offer.
Another scenario where assessing your provider is important is through major changes to a service provider’s workforce. Again, the question is whether these changes to the workforce will change the look of the company from how it was originally presented, since major changes to a workforce can also affect the ‘business continuity’ of an organisation. Assessing these major changes is an has to be done, either in-person or digitally.
Avida can help your organisation assess your service provider through our comprehensive systems and questionnaires. We have a unique external scoring methodology which highlights red flags in your service provider and helps you make a judgement on whether your service provider stills offer their minimum requirements.
For a case study on our virtual governance check read here:
