Is Your Compliance Release Management a Train Wreck?
Effective Release Management is not complicated – unless it is managed poorly. Then it is a never-ending train wreck.
Here are some key principles that can help transform your Compliance management from a perpetual train wreck to a well-oiled effective team. . .
Effective Release Management is not complicated – unless it is managed poorly. Then it is a never-ending train wreck.
Here are some key principles that can help transform your Compliance management from a perpetual train wreck to a well-oiled effective team:
Find what is NOT written in the release documents
Release documents tend to focus on the tactical requirements related to the release items. These documents almost never document the strategy behind the tactical requirements.
An effective Compliance Team will dig behind each release item to connect it to the strategic initiative it supports. A tactical requirement can only be properly fulfilled when guided by an understanding of the strategic initiative it supports.
Know the release documentation layout, code words, and vocabulary
Each entity has a specific release document layout. Learn the layout and why that entity has included each title, keyword, and format. I have seen too many Compliance Teams miss important release items simply because they didn’t take the time to learn the layout of the release documentation.
Release documents are written in a unique language. Yes, most are created in English, but a special English unique to that network or processor.
Each entity that releases documents has its own keywords that carry specific nuance and weight – for them. Learn those words and what that entity’s full meaning is for those words. They aren’t trying to trick you. They have just been talking for so long to their internal teams that their documentation will carry their own dialect.
Watch the Operational Bulletins
Release documentation is typically split into two categories:
Technical compliance requirements: The creator of the release documentation assumes these items will require your company to create or change existing program coding and test before the release implementation date.
Operational bulletins: The creator of the release documentation assumes these items may require you modify some procedures, but they will not require coding and testing.
The creator of the release documentation does not know your company. Therefore, go through all the technical release documents and the operational bulletins related to the release to determine what, at your company or at your service providers, needs to change to become compliant with the release.
Know the strategic direction of your company and your service providers
An effective Compliance team will know the strategic direction of its own company and of its service providers.
Why?
They can quickly identify and escalate strategies in the release items that don’t align or conflict with your strategic direction,
They can more effectively monitor the effectiveness of solutions created to address release requirements. Does our compliance solution meet the tactical mandate requirements AND does it align with the strategic initiative behind the mandate?
They can also easily spot release items tagged as optional that align with your corporate strategy. These items, though listed as optional are actually mandatory for you because they further your strategic direction.
Keep an eye on the minor releases and what is happening in other countries
As I have already stated, the entity creating the release documentation does not know your company. There may be minor release items or release items in other countries that would enhance your strategy or competitive advantage. You can only effectively discuss these with the release owner if you know these release items exist.
As a top performing Compliance Team, you should review the minor releases. Also review major release items that don’t apply to your market. In doing so, you are looking down the road for what may be coming in the future and can inform your company’s Strategy Team and C-Suite of future enhancements you can start working on now. . .