CU PolicyPro Spotlight: The Policy Life Cycle 

Sometimes it seems that policies have a life of their own…and they actually do. A policy life cycle starts at the point the policy is created and ends when the policy is retired. Between those two events, a policy can be distributed to the board of directors and employees, reviewed, revised, and approved multiple times. Find out how a policy life cycle flows from creation to retirement.

Policy Creation. It’s up to the Board to make sure that the appropriate policies are in place to guide Senior Management in their execution of duties.  

Policy Review and Approval. Whether it’s a policy’s first review or fifth review, the credit union must have a process to distribute the policy to the Board and/or Senior Management, and to solicit feedback.

Auditing. CU PolicyPro includes several tools which can help, including tracked changes, reports, auditing notes, automatic archive of previous policy versions, and email notifications if one of your policies is updated. 

Implementation. The policy sets overarching expectations and direction, while corresponding procedures provide the details of specific processes to ensure day-to-day operations are compliant with the policies.

Ongoing Updates and Changes. Regulations are always changing, guidance changes and so do examiner expectations.

Policy Retirement. If a policy is no longer relevant to the credit union, it can be retired.

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