Under NGA guidance, what is considered a best practice for fiduciaries in quality assurance?

Obtaining independent reviews of services is recognized as a best practice for fiduciaries in quality assurance under NGA guidance. This approach ensures an objective evaluation of the services provided and the overall fiduciary processes. Independent reviews can identify potential areas for improvement that internal assessments might overlook due to biases or a lack of objectivity. By enlisting external experts, fiduciaries can gain fresh perspectives, enhance accountability, and bolster trust among stakeholders.

In contrast, self-assessments alone might not provide the thoroughness needed for a comprehensive quality review, as they can be subjective and limited by the evaluators' perspectives. Focusing solely on financial records neglects other critical aspects of fiduciary responsibilities, such as compliance with regulatory standards and the ethical conduct of service. Following a checklist without further evaluation limits the depth of the review process, as it may not allow for the exploration of specific issues or the adaptation of practices based on unique contextual factors. Thus, an independent review represents a more robust and comprehensive approach to ensuring complete quality assurance in fiduciary practices.