Governance Assessment

Many banks need an independent BOLI Governance Assessment.

We often conduct a BOLI Governance Assessment when a bank:

  • Wants a thorough review of its BOLI holdings, particularly when they include BOLI policies inherited through bank acquisitions;
  • Is acquiring another bank with a BOLI program;
  • Has disparate service providers for its BOLI, or tranches of BOLI without viable service providers;
  • Has concerns about inconsistent reconciliation standards, internal controls and/or objectivity of its service providers.

Our comprehensive BOLI Governance Assessment includes:

  • Assessment of regulatory compliance with respect to applicable laws and regulations, including review of employee consent and notification documentation, service provider agreements, BOLI program risk management staffing/resource utilization, investment manager/allocation policy, RWA reporting and accounting practices;
  • IsRecommendations for deficiency remediation and administrative best practices;
  • Review of executive benefit plan agreements and documentation, determining whether existing funding is appropriate for the benefit obligations with respect to amounts and structure.

Deficiencies and other findings are summarized in a report. We recommend ways to mitigate each reported deficiency and suggest industry best practices to improve ongoing BOLI risk management.

To learn more about our Governance Assessment services, contact us by clicking here.