Why is it necessary for Credit Unions to conduct process reviews?

 Work life realities... Shortcuts may be fast, but if you want quality outputs, take the long road by understanding the principles behind why we need to go through processes.

As managers of our respective functions, there are times that we have to sacrifice some meetings and prioritize preventive measures to bring everybody to the same page, particularly if it has something to do with our major goals and objectives. Just this morning, we skipped our usual Monday devotion and had a separate meeting to discuss our report for the balanced scorecard. We zoom in on our major programs and projects so that we will be able to see where we are in our annual plans.

During the BSC (Balance Score Card) deliberation, we saw that there were some activities that we haven't attended yet. So, we have to review which processes were missed and address them ASAP.  

After our BSC meeting, another meeting ensues. It's the orientation on the ISO Process evaluation plan to align us with the process review objectives. Many may say that too many meetings hamper operations, resulting in delays and missed deadlines. But process review and evaluation is one meeting that we should not miss.  

If you are a new manager or supervisor, these are what we need to understand why process review is very important for the achievement of our strategic objectives:

1. Decision Making: Process evaluation offers insightful information and useful insights that can aid in making well-informed decisions. credit unions can spot trends, patterns, and areas for improvement by examining key performance indicators. Strategic choices, resource allocation, and initiatives for process change can all be influenced by this information.
2. Members' Satisfaction: Regularly reviewing and evaluating processes helps credit unions understand the needs and expectations of stakeholders, including members, employees, and partners. By aligning processes with their requirements, credit unions can enhance satisfaction levels, improve relationships, and foster a positive reputation.
3. Performance Improvement: Recognizing areas that are inefficient, ineffective, or out-of-date is made easier by routinely assessing and evaluating procedures. Credit unions can find possibilities for improvement, streamline workflows, and increase overall performance by examining the current processes.
4. Quality Assurance: Process review and evaluation ensure that established procedures and standards are followed consistently. Credit unions can uncover deviations, non-compliance, or potential quality issues by evaluating the effectiveness of processes. This aids in preserving quality service and fulfilling members' expectations.
5. Risk Management: Process review and evaluation help identify potential risks and vulnerabilities in existing processes. Credit unions can find gaps and put the right safeguards in place to reduce risks by evaluating the effectiveness of control mechanisms. This contributes to improved risk management and ensures compliance with relevant regulations and standards.
6. Cost Optimization: Evaluating processes allows credit unions to identify areas of unnecessary duplication, resource wastage, or inefficient practices. Credit unions can save costs, increase resource efficiency, and improve operational effectiveness by simplifying processes, removing bottlenecks, and cutting out unnecessary stages.
7. Continuous Improvement: The idea of continuous improvement is fundamentally based on reviewing and evaluating processes. By regularly assessing processes, credit unions can foster a culture of learning, adaptability, and innovation. Processes can be improved, new ideas can be tried out, and improvements can be made over time using feedback from evaluations.

Overall, process review and evaluation give credit unions the tools they need to find areas for growth, maximize performance, control risks, and manage hazards. It is a crucial procedure for credit unions seeking operational excellence and maintaining their competitiveness in a fast-paced financial market.