We’ve talked a lot about the breadth of industries that are served by policyIQ, and the diversity of our users. When it comes to who can benefit from policyIQ, we have yet to find an organization for which we have no value to add. We also recognize that some industries and niches need our product more than others, and community credit unions are a perfect fit.
Community Credit Unions Need policyIQ
While financial regulations can be intense and difficult to navigate, community credit unions need compliance technology that is simple and easy to use.
- Fast and easy setup
- Simple navigation, with little user training required
- Flexibility that allows a single technology to be used for many needs
- Incredibly low cost for small teams
- Dedicated user support team committed to exceptional service
Are you exploring compliance technology for your organization? Find out how policyIQ meets your needs by contacting us today!
Art Weeast has helped a number of organizations to “think beyond the task of documenting policies and procedures to the intelligence of the information that is in those documents.” In other words, think of the value or purpose that the documents serve. One of his objectives, as he trains organizations on how to create valuable documentation, is to “keep what’s in it for me, from the end user’s or the employee’s perspective, in mind as you develop content”. The end user and all stakeholders might consider, “What problems and questions can this documentation solve?”
To demonstrate the application of Process Intelligence practices (as Mr. Weeast termed his work), consider three common problems:
- Employees and Management do not value the documentation (mainly the procedures).
- Work tasks are not clearly connected to executive priorities.
- Business Units/Departments/Functions do not collaborate on cross-functional processes, often leading to tension and decreased productivity.
With Art Weeast’s help, let’s tackle each of these problems one at a time.
The problem faced by many (maybe most) organizations: Employees and Management do not value the documentation.
Consider how you can make your documentation useful. Follow this three step process:
- Set a course to establish more comprehensive documentation. Rather than tracking just the steps of the procedure, frequency, who performs…think of all of the everyday business questions that come up related to the procedures. Add Roles and Responsibilities, Applications Used, Definitions, Procedure Input and Output–these fields will help you to address common problems. Read further to see how.
- Make it easy for process owners and your front-line doers to capture the documentation. You don’t have to complete the fields in consecutive order. Starting with the procedure, then considering what leads into the procedure and what the outcome of the procedure is before moving on to the purpose and other data is a much easier thought process.
- Make use of the intelligence that is inherent in your documentation to solve business problems. With updated, comprehensive procedures, you can address common problems…effectively and efficiently!
Another common problem: Work tasks are not clearly connected to executive priorities.
The front line doers, on a day to day basis, do more repeatable processes than executives do. At the executive level, it is unlikely that you will see procedures. This is the root cause of the disconnect between the tasks and executive priorities. It’s no wonder that executives generally don’t feel the value of the documentation and therefore, the employees don’t feel the priority from the executives to create and maintain the documentation. So, per human nature, documentation becomes an unwelcome task to do, and usually it is tackled at the last minute with a mad rush to get it done.
Help your organization to establish the connection between top priorities of the business and the tasks that hardworking employees carry out day after day.
A master at translating the complex into simple steps, Art Weeast developed a method for creating this connection. He calls it an Operational Map. To build your Operational Map you will:
- Interview the Business Owner and document Primary Functions and Sub-functions from her perspective
- Prepare List of Procedures for each Process Owner’s Area
- Create a visual representation of Functions and their related Sub-functions
- Map Procedures to related Sub-Function by playing “Operational Bingo” with Process Owners—you hold and call out the Procedures while she identifies the related Sub-function.
- Validate the mapping with the Business Owner.
- Executives come down to a level that they rarely visit—they better understand what it takes to get things done! They begin to appreciate the value—and the NECESSITY—of the documentation in a more highly regulated and complex world.
- Process Owners (the everyday do-ers) appreciate the collaboration with executives. They sense the tone from the top and the priority becomes clear. The do-ers begin to understand the bigger picture—the risks that the organization faces and the importance of what they’re being asked to do. And they are very curious about what other departments do!
The final problem we aim to address: Breakdown in cross-functional processes.
Frustrations build in an organization when communication and collaboration breaks down or does not exist among certain parties. You can tell this is happening when you or others can easily blame someone for inadequate, inconsistent or untimely inputs into your process—or others who put disruptive demands on you to produce an output with a nearly impossible delivery date and provide inadequate information needed to meet the demand. It is natural for all of us to personalize the process under these circumstances.
The art of establishing collaboration among cross-functional parties can be reduced to four main steps. The following steps serve to “de-personalize” the process and issues, and allow parties to focus on the desired end result.
- Meeting: Bring functional representatives together for a collaborative process review mediated by a neutral party.
- Current state: Have them describe the standard process; first without the history, exceptions or problems. Then revisit the standard process with issues.
- Future state: What does it look like? How is it better?
- Transition state: Outline steps to get from where we are today to where we need to be.
Think about what’s happening here. Typically, if anyone ever does dare to address the communication breakdown among parties, what do they typically do? They work to identify the issue(s) and to problem solve against those issues. The process outlined by Mr. Weeast, an expert in operational and change management, takes an opposite approach; helping parties to very quickly begin working together effectively.
Applying these practices outlined by Art Weeast results in an efficient and effective organization that can:
Art Weeast has decades of impressive experience in enterprise-wide leadership, technology & data expertise, Lean Six Sigma methodologies, organizational change management, and in defining and refining operational processes. Art has been a client of policyIQ with three different organizations. When I met Art, I had been involved in the work of streamlining, refining, re-engineering, and automating processes for many years, myself, and—while it was my responsibility and mission to help him in any way that I could to solve his organization’s business problems using our software—I was forever changed by what he taught me!
This post was originally shared following a policyIQ-sponsored webinar in which Mr. Weeast shared his Process Intelligence practices. The policyIQ team continues to share the lessons of his Process Intelligence session year after year. If you’re interested in more information or hands-on support with applying Mr. Weeast’s methodology, reach out to us and we’ll connect you with the appropriate tools, information, and resources!
Regulatory environments are constantly changing, influenced by economic, political and environmental factors beyond your company’s control. It might seem like a daily battle to deal with the push and pull of complying with changing regulations. So how do you stay focused, prepared and sane in the world of regulatory compliance?
One critical step is to ensure that you have well documented, well communicated and well understood corporate policies.
Policies provide the foundation, governing the way in which your employees will work and how they will meet new regulatory requirements. When the foundation is strong, with clear policies that are followed and enforced consistently, additional external expectations and requirements are much easier to incorporate.
Here are just a few best practices to consider:
- Ensure that policies are written clearly. Avoid company jargon or acronyms that may be unclear to new employees or external regulators.
- Make policies easily accessible to all employees. If you are already using policyIQ, ensure that a policyIQ link is posted or communicated regularly.
- Clarify whether any exceptions might be approved to the policy, and communicate the process for approval for exceptions. If it is not clear, employees may be more likely to decide it will be easier to ask for forgiveness than permission.
- Document how policy violations will be addressed or how policies will be enforced.
- Revisit, review and revised policies regularly. Do not allow policies to become outdated or appear to be outdated. Even if no changes are made, regularly note that content has been reviewed, so that employees
- Map policies to your regulatory requirements or other compliance programs. As regulations change, you can more easily identify any changes that must be made in your policies to address those changes.
What other best practices would you highlight for a clear corporate policy platform? Add yours in the comments and share ideas! Learn more about how to utilize policyIQ’s various read-only options by checking out a recent blog post by policyIQ Product Manager, Travis Whalen.
Many organizations have used policyIQ for their Policy Management needs, and each client of ours has their own unique needs and for providing transparent and accessible policies to their users, public website, auditors, or other audience type. However, the process is largely the same, regardless of the unique needs.
In nearly all cases, the policy content is created in policyIQ, reviewed, approved, and then published. Making that content available is where the differences come in to play. There are a few options for doing so:
A shared, Read-only account:
Create a Read-only user account in your policyIQ site (which is free, by the way), and apply the Read-only account as a viewer only on all applicable pages in your site. Be sure to make sure that this account also has view access to the necessary folders, as well.
Then, share the Read-only account credentials with your user base. Once logged in, the policyIQ view this user will have is a scaled down look – just folders and policy content, in this case. Because the very nature of the account is Read-only, there is minimal risk in sharing the credentials with a large group of people.
A shared, Read-only account accessed via policyIQ Reader:
A similar process to the one above, but with a different look to the program and no login needs.
After creating the Read-only user profile and applying the user to security where necessary, edit the user profile. Under the “required” tab of the Edit User window, scroll to the bottom to find a unique link called “policyIQ Reader“. This hyperlink can be placed anywhere you like: bookmarked in your browser, stored on your desktop, placed in a shared network drive, or even on your intranet. Once a location is selected, anyone that clicks the link will gain instant, read-only access to your policyIQ site. No login required, and the “reader” look – a straightforward, no nonsense look at content, which is displayed in the table area to the right instead of a separate window, as seen below.
Individual Read-only accounts:
Create an individual Read-only account per-user, which allows for greater flexibility in terms of seeing policies that are applicable to certain divisions, but not others. Perhaps your finance and accounting folks have policies and procedures that apply to them, but not to the vast majority of other employees. Creating separate accounts for everyone ensures the user experience in the product is directly related to their role.
Individual policies accessed from an outside source:
Some of our clients choose to have their policies accessed from their primary company website. In this case, the policyIQ pass-through link is ideal: eliminate login needs, access individual policies, and don’t display the main policyIQ site from which the policies were created. Instead, display only the pages themselves.
Create a primary Read-only user account, and again add it to the view security on all applicable pages. Now, view a page of your choice that is published. A the very bottom, the page ID sits, and contains a link. Click the link to open a small window that contains the policyIQ Passthrough link . Copy and paste this link to the destination of your choice. Selecting this link from an outside source will open the policy page only, and not require a login to the system.
Did you know policyIQ also handles Policy Sign-offs, as well? It’s a simple process at a minimal cost. Add Standard Users to your site in bulk (50 to over 10,000+) to completely revamp the way your organization automates creating, approving and storing certifications and sign-offs.
Does something here sound like it might be right for you? If so, let’s talk about it! Scheduling a half hour with a policyIQ expert on our team is not only free of charge, but will pay dividends moving forward as the management of your processes becomes easier by the day. Many adjustments to existing sites take minutes to change, and new sites are even simpler! Contact us at Support@policyIQ.com or 412-263-3330 to begin.
- Has your organization recently engaged in merger or acquisition activity?
- Was a valid and somewhat likely risk of financial statement misstatement discovered?
- Has your organization recently become subject to Sarbanes Oxley requirements?
- Did your auditor advise you to formalize your FCPA program?
If faced with one of these (or another) critical governance, risk, and compliance issue, are you prepared with appropriate subject matter expertise and systems to respond? Because you are here and these are examples of circumstances where RGP and our GRC Technology (policyIQ) excel, you are prepared, now!
With more than 70 wholly owned offices around the globe and professionals with 10-20 years’ experience and expertise in a range of subject matters, RGP is prepared to hit the ground running. What our clients quickly learn is different about us is that we build long-term, trusted partnerships by engaging top talent to impart knowledge and expertise—leaving our clients’ employees better equipped while meeting the business’ objectives. Rather than a binder, we leave you with a job well-done and a reliable contact for future reference.
Dictionary.com defines agility as “the power of moving quickly and easily; nimbleness”. GRC Analyst, Michael Rasmussen, says that agility in a GRC technology provider also means being “adaptable to a changing business environment.” Here are some of the characteristics of policyIQ that allow our clients the flexibility to quickly adapt to changing needs:
- Easy to setup and implement (average 4-6 weeks—rather than months or years)
- Familiar look and feel means little to no training required for users
- Flexibility to customize configuration as needs change (in your hands)
- Security control allows multiple entities, departments and priorities in one platform
- Affordable to implement enterprise-wide for a variety of solutions
The greatest testimony we have to policyIQ’s flexibility is our clients! While policyIQ started in Policy Management and Risk and Compliance plus certifications fifteen years ago, our clients began applying the easy-to-employ technology for things like Account Reconciliation Management and Capital Appropriations Approvals.
Click to zoom in and check out a sample of our clients’ policyIQ applications:
Are you tasked with having to respond to changing business needs? Are you interested in seeing solid improvements and results in about a month? Of course, you are! Reach out today: Info@policyIQ.com, 866-753-1231.
Where are you at in your leases project? Have you settled on a lease accounting system? Do you have a plan for how you will gather all of your leases and begin pulling the critical data together? How confident are you that you’ve identified all of hiding places in your organization for the lease information including shared folders, binders, SharePoint sites, filing cabinets, spreadsheets, George’s desk, and even camouflaged within other agreements?
One thing we can be confident about—if the new accounting standards have highlighted your organization’s critical need to better manage all of your contracts and agreements, you’re not alone.
Of course, I’m about to tell you that we can help!
- policyIQ is centrally accessible and easy to populate—helping you to bring order to all of your decentralized structured and unstructured lease data.
- Easily customize templates and standardize the approach to capturing lease data (and complement your lease accounting tool).
- Use reports within/across leases to examine data and identify gaps.
- Customize workflow and leverage policyIQ’s secure platform to request specific data from specific individuals and fill gaps.
- Attach reference materials or supporting documentation, as needed.
- Customize policyIQ for each area to store executed leases and track lease data on an ongoing basis.
- Simplify oversight for management review at a high level.
- Implement controls and data governance providing evidence of entire data collection process and resulting data.
And if you’re not sure that you have adequate leasing talent on staff, RGP can support you with subject matter expertise to lead and/or support your team and ensure successful implementation of the new standards. If you haven’t worked with us in the past, what you will experience is a different level of professional partnership. We will transfer knowledge and leave your team better equipped to address challenges that arise in the future.
Contact us to learn more about our talent and technology to support your data collection, contract review, compliance, audit, policy management and other initiatives. We’re looking forward to working with you!
Did you miss our recent training session on completing our SOX Risk Assessments and scoping exercises in policyIQ? Not to worry – we have you covered!
How Can I Catch Up?
If you want to get into the details, we have the training session and materials available for download!
- You can access the slides here.
- You can also view the recording from our policyIQ training page.
The training page is linked from your policyIQ login page – and available from within the online Help Guide. If you don’t have access to the training page, please reach out and we’ll send you the link!
Just the Highlights, Please!
This training session aimed to ensure that participants are able to…
We discussed common SOX risk assessments at the financial statement line item level, targeting risk factors like…
In addition to illustrating how to create the calculation directly in policyIQ, we also acknowledged that some folks love their MS Excel process. policyIQ can handle that, too, through the import option!
Then we took a close look at the relationships between the content that allows for the most effective scoping options.
And finally, we walked through the reports that provide the final step in the scoping process.
We would love to help YOU get started on your risk assessments in policyIQ, so that we can link into your SOX work for ease of annual scoping. Contact us today and we’ll meet with you at no cost to help you get on your way!