All firms and persons acting in a fiduciary capacity with respect to a function they perform must fully understand the duties and responsibilities of serving in a fiduciary capacity, what constitutes fiduciary failure and the consequences of such failure. It is, therefore, imperative that fiduciaries understand the risks associated with being a fiduciary, the conditions that can give rise to a fiduciary risk event and the risk management processes that should exist to manage fiduciary risk. This presentation will provide:
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An understanding of fiduciary roles and fiduciary risk
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An understanding of fiduciary risk conditions and fiduciary risk events
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An understanding of fiduciary risk consequences
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An understanding of fiduciary-like responsibilities
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An understanding of potential causes of fiduciary risk events within fiduciary functions
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A particular focus on suitability and disclosure as potential causes of fiduciary risk events
In addition, it will also identify the functions that contain fiduciary responsibilities, site the laws and regulations that govern fiduciary activities and address the recent new DOL Fiduciary Rule.