Leaving it Better Than She Found it
Challenge
Background: As part of a large, ongoing disclosure modernization initiative, Elaine Snyder first managed edits and updates to Account Verification Booklets and Account Agreements; later, she assumed a project manager role to oversee three work tracks within the larger firmwide initiative.
Key Challenges:
There were little-to-no documented procedures to onboard and train new Disclosure Managers.
The disclosures were archived and managed on a newly implemented platform where functionality was being updated very frequently, leading to numerous workarounds and ad-hoc procedures.
There was a bit of a leadership vacuum for Disclosure Managers and therefore some inefficiencies and siloed thinking in the process as well. Morale was quite low.
Within the larger firmwide project, work track scopes were not well defined. The work tracks included legacy projects with outdated timelines and deliverables inconsistent with the larger project.
Action
Plan: First, triage. Elaine had to quickly become an expert on the client’s approach to regulatory disclosure management. To do this, Elaine conducted multiple question-and-answer sessions with subject matter experts. It became apparent that the subject matter experts all had quite different processes to complete their day-to-day disclosure edits and that the constantly shifting software platform was complicating an already difficult job.
To effectively project manage the work tracks within the firmwide disclosure initiative, Elaine first had to clearly define scope, objective, deliverables, and key players for each work track, ensuring she would get critical buy-In from the department’s management.
Implementation: Elaine quickly realized that the most beneficial thing she could do was to not only manage her day-to-day work, but also to create a comprehensive procedures manual and standardized checklists for all Disclosure Managers. Standardized procedures increased the efficiency and accuracy (and morale) of the team. Elaine identified several significant system flaws that led to vendor upgrades. Most Importantly, however, Elaine got all the Disclosure Managers to start discussing best practices with each other and share their knowledge and expertise.
As a project manager, she implemented a RAID (risks, actions, issues and decisions) log and a now/next/later status tracker to report status and identify critical issues for management. She ensured that the business unit’s approved scope, objective, and deliverable definitions for each project work track were consistent with the larger project’s stated goals.
Team Involved:
● Elaine Snyder, Disclosure Manager, Project Manager
● Client Disclosure Managers
● Client Development Manager
● Client Senior, Project Manager
● Client Department Manager
● Client Executive
Results
Outcomes:
● Standardized and documented procedures allowed Disclosure Managers to communicate and adapt more easily to ongoing platform functionality updates.
● Increased efficiency in day-to-day disclosure management tasks allowed Disclosure Managers the time to proactively address platform deficiencies with the development team.
● A new Disclosure Manager Supervisor position was created to ensure consistent application of newly documented procedures and to foster collaboration within the team.
● The team’s work became more accurate and more efficient, and morale was significantly increased.
“I don’t know what I’m going to do without her.”
“Elaine was highly organized and proactive and a great asset to the overall team. Her ability to bring clarity to complex workflows was invaluable to keeping the project on track. ”
““Not everyone would be excited by regulatory disclosures, but for me this was a great project. I was able to see that the root of the problem was a lack of documented procedures applied consistently and not ‘inattention to detail’. I was able to collaborate with a wonderful team to capture the knowledge of subject matter experts and share that knowledge with new and inexperienced Disclosure Managers through shared, standardized procedures.” ”