How does workflow automation help credit unions mitigate risk?
Managing risk is high on the priority list for many organizations, but especially for banks and credit unions. One important risk for credit unions to consider is the enforcement and improvement of security, and how workflow automation can help.
When it comes to the security of credit unions and other financial institutions, there are often policies in place to ensure alignment with security protocol. However, if these guidelines aren’t followed the policies will be ineffective, resulting in loss of compliance.
This introduces risk. Processes and policies are usually developed to minimize risk, but without an automated system enforcing them, organizations are reliant solely on the adherence of their teams.
Business risk is a process problem.
Get the eBook today!
Enhance security through workflow automation
Sometimes a violation of security involves someone gaining access to content that falls outside the scope of their authorized permissions. Leveraging a workflow automation platform into your technology system can help ensure that policies are in place and are being adhered to. With an automated workflow, businesses can ensure that all steps are followed and that only approved information is shared with teams and external resources.
Other times a violation of security is failing to make sure an action was followed. Loan approval is a common process at credit unions which involves manually accessing disparate content and data repositories. This process takes time and also adds the risk of human error.
In these cases the process, as well as the content, should be automated. By using a workflow solution to connect to systems of record with forms and document generation, a credit union employee can submit a form that puts the workflow to work on their behalf.
This workflow can fetch the necessary data and generate a loan approval document. The employee can then make an accurate assessment, without the need to spend time reviewing information across disparate systems, thereby saving time and reducing errors.
Processes should be agile and easy to change
It can be time consuming to figure out which security rules and policies apply, and how they translate to business processes. One size doesn’t fit all, so flexibility is key.
A reliable process platform empowers those people who own a business problem to also own the business solution. It should be easy to use, whether you are in a credit union’s IT department or in loan approvals.
The future of work with workflow automation
Today, work often involves multiple software solutions that are accessed in various places. These tools help get work done, but they also need to integrate. It’s not just about pumping data from place-to-place or connecting one application to another.
Let’s think bigger.
Teams need to easily connect work across multiple systems according to the rules and processes they’ve defined. These automated processes should not only help teams optimize and improve their work, but also eliminate risky mistakes by focusing on those process that are most likely to be the source of errors.
In a nutshell, workflow automation is one of the fastest and easiest ways to mitigate business risk.
Find out more about mitigating risk by downloading the eBook, Business risk is a process problem, and learn about:
- Business risks leaders need to know about
- Tips for taking a holistic approach to managing risk
- How companies are using process management and automation to manage risk
