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This report is intended for use by the management of the Variable Annuity Life Insurance Company ("VALIC") and its subsidiaries.
VALIC Retirement Services Company ("VRSCO") and VALIC Financial Advisors, Inc. ("VFA"), its user entities, and the independent
auditors of its user entities, and is not intended and should not be used by anyone other than these specified parties.
Back to TOC5.8 An index file of the scanned
documents is routed to AWD
for processing. The job that
routes the image file to AWD is
monitored for processing.
Observed evidence of the Windows
service used to transfer the index file
of the scanned documents to AWD.
Observed the configuration to
monitor for errors to determine
whether notifications are sent to the
appropriate individuals in the event of
a process failure.
No exceptions noted.
No exceptions noted.
5.9 Complaints are monitored by
management and the Consumer
Affairs Department.
Inspected a sample of monthly
complaint reports to determine
whether customer complaints are
monitored by VALIC Management and
the Compliance Department.
No exceptions noted.
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VALIC
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IV. VALIC control objectives and controls, and PricewaterhouseCoopers LLP's tests of operating
effectiveness and results of tests
Control Objective 5
- Controls provide reasonable assurance that Transfer of Value and Asset Allocation changes
are properly authorized and processed accurately, completely, and in accordance with instructions received from
plan sponsors or participants and in compliance with the plan document.
VALIC Control Activities
Tests of Operating Effectiveness
Results of Tests
5.6 If the participants’ account
records are not successfully
updated in the record keeping
system during the nightly cycle,
an error report is reviewed and
corrections made and the request
processed.
Inspected a sample of AWD
cumulative error reports to determine
whether they were generated and
reviewed by the CSP VALIC team
members on a daily basis. For items
not processed in the nightly cycle,
inspected evidence to determine that
they were investigated and resolved.
No exceptions noted.
5.7 Incoming participant callers to
the Contact Center are verified
before providing any participant
or account specific information
to the caller or performing any
transactions for the caller.
Inspected a sample of incoming
participant calls to confirm that
prior to the release of confidential
participant or account information,
the VALIC team member verifies the
following: participant's name, Social
Security number or VALIC account
number, and date of birth.
No exceptions noted.