Stop golfing, start studying

I love golf. I used to play a lot, but I’m happy to say my family life has had a damaging impact on my handicap. Couldn’t be happier about it. However when I did play, I spent time preparing for my round and even practicing for tournaments. I’d think back to prior rounds about what went well and what didn’t and plan my practice. I would start out by stretching a little (which, by the way, is getting harder with age), hit balls at the practice range, chip a few shots for touch, putt to get a feel for the speed of the greens, and spend more time where I needed it the most. But then there were times when I would oversleep and barely make my tee time. I’d pull in the parking lot, grab my clubs from the trunk, slap them on the cart and away I went. Ninety-nine percent of the time that round versus a round where I warmed up was a disaster, or at the very least, the front nine was a mess.

If you think about it, preparing for exams is kind of like preparing for a round of golf. You’ve “played” an examination round before, so you have an idea of how the process will go. You’ll want to review the previous examination “round” to determine what went well and what the examiner wanted you to work on, so review past findings and resolve any outstanding recommendations in advance. You’ll also want to get a “feel for the speed of the greens” by looking at pronouncements regarding this year’s focus (presently, it’s vendor management and cyber risk). Last, but not least, tee it up for your examiner.

Here’s what I mean by that. Many of our clients utilize our product called ERM 365tm – Findings Manager to manage exam findings. They’ll enter the finding provided by exam results and set up tasks to delegate resolution of the issue. Tasks are electronically distributed, tracked and results are recorded accordingly. It significantly reduces the time and challenges associated with numerous exam findings and recommendations. However, I suggest you consider taking this a step further by setting up your report and associated findings in advance of the exam. Now you might say, “Why would I want to give my examiner any ammunition?” One can look at it that way for sure. Or, you can make an honest assessment of your situation and prepare the report and associated findings in advance, set up the task for resolution and review it with the examiner. For example, why wait for the examiner to point out a missing signature on a critical vendor contract. Set up the finding in advance and let them know you are tracking the progress towards resolution. In other words, tee up the finding for them! Our professional services team utilizes Findings Manager significantly to tee up many of our due diligence findings for our clients. We’ll even go so far as to set up all the tasks that need to be addressed by the appropriate staff.

For our clients already using Findings Manager you can see this possibility. For those not using it yet, take a closer look at how Findings Manager will greatly improve your examiner game!

Steve Fochler

Steve Fochler

As Senior Business Advisor, Risk Management Services Steve is responsible for helping Strohl Risk Solutions customers succeed. Steve leans on his twenty-eight (28) years of experience to help financial institutions, ... Web: Details

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