Systems and methods for enforcing fiduciary compliance

A compliance accountability system, the system comprising:

• a server including at least a processor, a memory and a communication interface;
• a compliance task database connected to the server through the communication interface;
• and
• a computer-readable medium including information that when executed by the processor causes at least a portion of one or more of the following operations to be performed:
• accessing one or more compliance requirements associated with a fiduciary responsibility related to administration of a retirement plan;
• extracting a compliance task from the one or more compliance requirements;
• determining a due date for the compliance task based on a date associated with one or more of the compliance requirements;
• storing the compliance task in a compliance task database;
• monitoring compliance activity related to the compliance task;
• and
• sending an alert based on a monitored compliance task status and when the compliance task has a due date within a specified time period;

A system for tracking compliance with fiduciary responsibilities related to administration of a retirement plan, the system comprising:

• a server, including a processor, a memory, and a communication interface;
• a compliance database connected to the server through the communication interface, wherein the compliance database includes one or more compliance tasks that each include:
• a description;
• a due date;
• and
• a status flag;
• a monitoring module running on the server configured to monitor compliance task activity including changes in the status flag;
• an alerting engine running on the server configured to receive notifications from the monitoring module and send out alert messages regarding compliance tasks;
• and
• a scoring module running on the server configured to evaluate the overall progress in completing compliance tasks and determine a compliance score associated with the retirement plan.

A computer program product, comprising a computer-readable medium having a computer executable program code embodied therein, the computer executable program code adapted to be executed to implement a method for tracking compliance with fiduciary responsibilities related to administration of a retirement plan, the method comprising:

• identifying a fiduciary obligation associated with the retirement plan;
• creating a compliance task from the fiduciary obligation including one or more compliance action items, wherein the compliance action items include:
• a description;
• a due date;
• a status flag;
• storing the compliance task and associated compliance action items in a compliance database;
• monitoring activity related to the compliance task;
• sending an alert based on monitoring when one or more compliance action items include a due date within a task alert window, wherein the task alert window defines the lead time configured for the compliance action item;
• and
• updating a fiduciary compliance score, wherein the fiduciary compliance score represents the overall progress in completing compliance action items associated with the retirement plan.

A compliance accountability system, the system comprising:

• a server including at least a processor, a memory and a communication interface;
• a compliance task database connected to the server through the communication interface;
• a calendar management module configured to maintain a compliance task associated with a fiduciary responsibility related to administration of a retirement plan, wherein the compliance task is maintained within the compliance task database;
• a monitoring module configured to monitor activity related to the compliance task maintained by the calendar management module;
• an alerting engine configured to send an alert message based on a trigger from the monitoring module, wherein the trigger is generated based on a condition associated with the compliance task maintained by the calendar management module.