You Let Your Intern Do What?
You Let Your Intern Do What?
Applying FMEA and control plans to financial processes
- Publication:
- Quality Progress
- Date:
- November 2024
- Issue:
- Volume 57 Issue 11
- Pages:
- pp. 30-37
- Author(s):
- Harshfield, Aubriana, Gerding, Stephanie, Zimpfer, Amber, Pollock, Steve
- Organization(s):
- Farm Credit Mid-America
Abstract
The escrow department at Farm Credit Mid-America (FCMA) assigned its intern a quality risk management project for FCMA’s annual escrow analysis procedure. The annual escrow analysis was chosen because the procedure is governed by 12 federal regulations, is an extremely manual process with 59 steps and it directly affects customers. The intern used failure mode and effects analysis, an action plan and a control plan to mitigate risk and improve the process.
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