Establishing a 1071 Implementation Committee is essential for your institution to ensure Regulation 1071 compliance.
Your committee’s first order of business is preparing a risk assessment and reviewing the regulation to determine its impact on your processes and procedures.
It also manages the project, prepares progress reports for stakeholders, addresses problems like delays and lack of cooperation, and conducts training. Remember that some of the tasks can be outsourced, such as procedure review, training, validations of test or trial run SBLAR reporting to ensure data is captured and reported accurately.
Another critical step in implementing Small Business LAR 1071 is determining your Stakeholders.
TCA – A Better Way!
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