Greetings from Suncoast Credit Union in Sunny Tampa Florida. I’m Steven Simpson and am VP of Strategy & Innovation. The purpose of this discussion is to seek feedback, opinions and collaboration regarding “error resolution” in CIP / new member opening.

A particular regulator entity J is asking us to do a lot of work around CIP and Account Opening. Our “error rate” has been deemed “too high”. Of course no guidance re: acceptable error rates can be provided nor is any best practice process identified. In turn, we’ve added two rounds of audits on every account opening, we’ve communicated that our goal is 0 errors, created stress in our branch environment and yet we still have errors. From a Six Sigma perspective, given the number of fields input, volume of new memberships opened, variability in the members themselves and their related documentation, a goal of 100% (beyond 6sigma) is unattainable! I’d appreciate a discussion around:

1. Does anyone track their “error rate” during account opening / CIP? We would like to know if we’re normal or outside the norm.
2. If so, would you share the results (feel free to e-mail me directly at steven.simpson@suncoastcreditunion.com) and if I get several responses I’m happy to anonymize and share with all respondents
3. What are your methods and best practices to track and calculate? We may be our own worse enemy re: definition of what is an error, should we have different levels or types of “errors” and measure them separately to better identify “CIP significant errors”? We may be reporting an “all error” rate vs. those CIP relevant errors, etc.