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This is my report to CUNA
Mutual on Chapter III - Customizing RMA data sheets to
the UK movement and writing effective RMA reports and
follow-up correspondence to confirm the implementation
of level #1 recommendations.
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Report Chapter III - By
Rich Woldt CEO The Risk
Management Learning
Center 12-18-06 |
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Our RM project goals included customizing data sheets
to Great Britain and the Island of Ireland, expanding
data sheets as needed with high gain questions, and
writing quality RM reports.
Administration performance goals include: setting RMA
production targets, establishing record keeping
standards, and adopting strategies to answer RM
questions and resolve RM disputes. Steve has established the required
administrative files to include the retention of data
needed to write reports and/or defend RM
recommendations. Steve's written reports appear to be
well written and identify RM
concerns, explain why they are a concern, and make clear
and appropriate recommendations. Steve also has achieve
a high level of compliance with the expected number of
follow-up contacts. While I rated Steve's administration
skills "C" during the last benchmarking, this time he
deserves a "B" rating.
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Steve has developed an
excellent style that puts our customer at ease
while he leads them through the risk analysis.
It appears Steve has mastered the burglary,
robbery, and internal control analysis. I did
not observe him conducting the fidelity analysis
but listened while he answered a number fidelity
type questions. I have no doubt Steve is well
grounded in the fidelity analysis. Steve's hands
on experience with Supervisory Committee and
Regulatory Audits equips him well to perform all
of our fidelity analysis.
Refer to
Chapter II on RM R&D for suggested web sites,
white papers, and resources for expanding our
current fidelity analysis to include plastic
card, money laundering, wire transfer, and scam
related high gain questions for 2007. |
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on a number of process improvement Steve has
made, to include the creation of puddles, using
his digital camera to document security
features, etc. I rate Steve's accomplishments in
this area as B+ or well above average.
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Process improvement in data
sheets and written reports:
While I'm recommending we migrate to electronic
data sheet and surveys, I strongly recommend
Steve maintain a hard copy master file of all
recommendation and standard answers. These will
serve not only as a learning tool for new hires,
but a tool for us to use when updating data
sheets in other CM markets. |
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While hard copy data
sheets have served us
well in the past, I
recommend we convert as
many as possible to an
electronic format. I'll
work with Steve on the
design and contact so as
to manage risks
associated with
collecting,
transmitting, sorting,
and storing exposure and
security information.
For example, we can use
key codes when
completing online
surveys to conceal
exposure information.
Rich
Woldt |
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Data Sheet' Process Improvements 2007:
Data sheets help us focus on
important risks, remember what to recommend when we
write reports, and provide some defense if a
recommendation is ever challenged. Other than
that, hard copy data sheets take time to complete, are
hard to keep current, contain facts that can quickly
change, and create a storage problem both from a
standpoint of space and security. Hard copy data
sheets are also hard to short, hard to analyze, and even
harder to share with others. While we'll always need
data sheets, I recommend we test a program that uses
interactive surveys we can use to collect, sort,
analyze, and share pertinent information. This would
allow underwriters and claims personnel in Wisconsin,
Great Britain, and Ireland ready access to data sheets
and for that matter written reports and other
correspondence.
For example,
click here
to review and complete a sample Risk Analysis Survey and
click here
to view your response.
This is a test survey I've just
launched so any responses were either self created or
created by Steve and I during the benchmarking week.
Other tools I suggest we consider include an excel
spread sheet
(click here)
we'd use to focus on risk and exposure concentrations.
Refer to chapter II on RM Research and Development
for assistance in developing a "Plastic Card" Risk
Analysis (PC-RMA) a "Wire Transfer" Risk Analysis
(WT-RMA) and other electronic risk analysis. There is
also a tutorial for electronic crime risk analysis in
the RM Manual for Great Britain. I've left word with Ann
Davidson to channel current information on plastic card
security to me but have not received anything from her.
I've also talked with our US risk management personnel
(Vince Wagner) who indicated the analysis used when
writing the GB manual is the same as that being used in
the US today. I've also made contact with Master Card
Risk Management International asking for updates to be
forwarded to me. |
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Library of RMA data sheets:
Click
here to enter a library of RMA data
sheets, standard recommendations, and tutorials for
each. All data sheets currently being used should be
updated to include the high-gain questions Steve now is
asking relative to plastic card, checking, and ATM
security. In my opinion, Ireland is a major embezzlement
loss waiting to happen.
I recommend Steve concentrate as
soon as possible on training John to do the "Fidelity
Analysis" with special emphasis on fictitious and
unauthorized loans, identity theft, fraudulent deposits,
new account frauds, and the appropriate internal and
audit controls recommended for both. |
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