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What’s Your Policy on Policy Management?


If policy strategy puzzles your credit union, rest assured you’re in good company. The topic tops the list of those CUs tend to inquire about. Credit Union BUSINESS’s compliance expert offers a few of his favorite tips to help credit unions streamline their policy management process.

One of the topics credit union professionals ask me about most often is policy strategy. Although it’s possible the name of my employer weighs into the frequency of this inquiry, I suspect it goes deeper than that.

Policies are a consistent topic across all credit unions, regardless of size, complexity or geographic location. That’s because everyone knows a credit union’s policies will always be on an examiner’s request list. They will be reviewed and scrutinized during each audit and every exam.

A credit union’s policies are supposed to serve as a set of guidelines under which it will operate. Each written policy a credit union drafts should set the parameters by which it will conduct business and be approved by the board of directors.

Throughout my tenure in compliance, I’ve developed some efficiencies in the drafting, approval and implementation of policies. What follows are a few of my tips, which should help streamline your policy management process.

  • Take annual reviews seriously.

Credit unions often ask if a particular policy needs to be reviewed and approved by the board on an annual basis. I tell them, “If the topic is important enough to warrant its own policy, it is important enough to have the board review it each year.”

This content is for CU BUSINESS eMagazine + WEB ACESS and THE TEAM BUILDER (GROUP SUBSCRIPTION) members only.
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