18 Dec

Corrective action by correctly acting

first_imgYou’ve received the findings of your recent audit, and of course the credit union’s compliance program is in good shape.  Why wouldn’t it be?  You’ve been working tirelessly over the last 12 months ensuring your team has sufficient training, detailed procedures, and the necessary resources to ensure compliance.  However, almost every audit has at least one finding, and you’ve got a couple of minor issues to address.  But, how do you ensure these items are resolved?I’d highly recommend the implementation of a tracking system.  If you’re lucky enough to have sufficient budget, I’d suggest investing in software such as ComplySight, which can make this process much easier.  But, if you’re not that fortunate, a simple spreadsheet and some elbow grease can help you accomplish this task.  Regardless of the method used, it will be important to document each of the following items.The first item to document is the issue which was identified.  What was it that the auditor found which might be a concern?  Then, determine the root cause of the error or issue.  Was it due to ineffective procedures?  A lack of training?  Identifying the cause will aid in determining the correct remedy.  The remedial action may be easily identified or it may take a team of individuals to arrive at the appropriate decision.Once the necessarily follow up action has been determined, it should be assigned to the appropriate individual or committee.  This entity should be given a due date for correction.  If it will be a long process it may be necessary to have periodic check-points to ensure progress continues to be made.  Sometimes there are multiple parties or departments impacted.  In such a situation, multiple due dates may need to be established, as one department may need to complete its action, before another may begin. continue reading » 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more