Because we value your business and the trust you place in us, we maintain strict, principled business practices. These five key components ensure we're accountable for the service we provide to you:
Daily fund valuation
We value our funds daily, and have business processes in place to discourage members of group retirement and savings plans from participating in detrimental activities like frequent trading.
Four groups regularly audit and review our processes and controls.
- Deloitte & Touche LLP audits our business practices and company financial statements annually.
- The corporate internal audit department conducts ongoing reviews and testing of key business and financial controls.
- The Great-West Life Group Retirement Services audit team conducts transactional and full-case audits on customer service specialists. The team also audits new plan issues and amendments to existing cases to ensure proper system setup and contractual documentation.
- The Office of the Superintendent of Financial Institutions (OSFI) conducts regular reviews to fulfill its mandate of regulating insurance companies.
Regular reviews of our administrative practices
Administrative managers take steps to ensure:
- We meet or exceed our high service standards.
- Our accounting and investing procedures are accurate and effective.
- We process all transactions consistently and accurately, using our comprehensive process guide.
Keeping clients and members informed
Our clients and members have timely and convenient access to information about their plans and investments. Some of the ways we provide that:
- Printed reports
- Regular statement mailings
- Legislative updates
- GRS Access website
- Client service centre
Customized staff training
Each customer service and issue specialist follows a customized training program. Regular performance monitoring takes place with their leaders and trainers.