Empower Retirement is offering “Plan Efficiency Through Technology: A Guide to Recordkeeping Solutions and Security” for advisers, consultants and plan sponsors.
Empower developed this guide because the issues of keeping up with current technology and data security management and protection are at the forefront of its clients’ minds.
This 10-page guide provides detailed capabilities and benefits of modern recordkeeping systems and addresses the issues of data security with specific questions to be asked when choosing a recordkeeping provider. The guide is jargon-free and describes the key concepts in lay terms.
The guide describes some of the key considerations around:
- Server- based networks vs. mainframes;
- Real time processing vs. batch processing;
- Integrated systems vs. separate systems; and
- Single system vs multiple systems.
The guide offers an extensive list of questions that should be raised when discussing technology and data security with a plan provider. A few of these questions include:
- How do you pass encrypted files?
- How often are updates and enhancements made to your recordkeeping system?
- Do you have mature controls against threats within all the following functions: Identify, Protect, Detect, Respond, and Recover?
- Do you have a strong security training program for your employees and users?
- Do you have solid processes around patching, anti-virus and anti-malware that are effectively designed and effectively operating?