Compliance Audits
Please give me some time manamagemt suggestions on how i can review 100% of the files all of the time without taking up the entire day.
Rod,
I don't think it is necessary to review 100% of the files everyday. I would recommend doing at least 1 per processor per day to start or to do a check of just verficiation or comment codes. It has been my experience that when someone is doing something wrong - it is consistent with all they process. You might want to have packagers exchange files during the day and let each review the others work - not in a competitive process but in a spirit of one team working toward the success of the student.
Chyrl
Maybe you can run a report for selected files and focus on reviewing those files only. Also, like Cheryl says, have other FA staff check each other's work prior to you reviewing the files.
Reviewing 100% of files might be a bit ambitious. I think it is important to provide proper training and to put steps in place to assure that all files are accurate. However, reviewing every file, every day might be a bit much. Perhaps run a careful review of new files and files with recent activity twice a week?
Caitlin,
Your approach of reviewing some daily or in smaller quantities is a great way to insure your team is complying with requirements. Also, if there are regulatory changes it is good to review those changes after the changes are initially put in play to insure full understanding of the impact to students.
Sincerely, Chyrl
I believe 100% review is very important for the 100% accuracy of the Financial aid process. My idea of saving time in the review of the files is to implement a checklist in the file. The checklist is to list the necessary contents of the file and other possible contents such as PJs, C codes, etc. After finishing the package and at the time of puting the file together, you do it according to the checklist and in the right order.
Denise,
The implementation of Checklist can prove to a successful method; however, it is important to periodically check the checker. I would recommend that you or some other senior level staff member select a sample of the FA Office work and check the accuracy of the students' files.
Thanks, Chyrl
I like the checklist idea...very useful. I also agree with checking a small number of files over a larger span of time. Then you will review them more closely than hurrying to review them all at once. Having at least 2 people review the folders is key. Everyone overlooks something at some point.
Erica,
A checklist is a great way to keep all student files organized and in the same working order. It has been my experience that the more organized files are the smooth the audits go.
Sincerely,
Chyrl
Hi Chyrl,
I found it helpful to review files from our other campus. It helped me identify where they are weak and implement corrective measures right away.
Merilyn
We use checklist and it is very helpful. Also, we use an excel sheet to track the students' documents.
Thamee,
A checklist and tracking mechanisms are important tools to insure compliance with documents and financial aid requirements. Also, I would recommend that you or someone on the team periodically pull a sample and test the accuracy of documents and compliance tests.
Sincerely, Chyrl
Pull a sample is one of our new techniques to improve the accuracy of the documents and compliance tests.
That is a valid point about having steps in place. One of the things I have is a staff member who does review all files daily. Her job is to coach train and improve staff's accuracy rates. It is important that staff has and owns accountability in the accuracy as well. If they do not have any consequences then they will never improve.
I agree with some of the other responses that training your staff can really help you to ensure that all files are accurate without you having to check 100% of them. I have double and triple checks in our departments to ensure that all files are accurate. We have at least two people reviewing FA files, R2T4 calculations, credit balance checks to students, private loan originations, etc. I can then randomly audit files as another check in the system. I could easily spend each day reviewing the files and work others have completed, and it is just not feasible in most cases.
Angie,
You practice outlined is a great way to ensure compliance of files. It is very important to continue to invest in coaching and traing of your staff.
Sincerely, Chyrl
Abby,
Based on your answers to the post, you are doing all you can to prevent issues at the earliest point. It has been my experience preventiveness is the best measure to guarantee compliance in audits and program reviews. Agree with you that this can be an overwhelming process - select a few and see what happens with that review.
Sincerely, Chyrl
In my school we employ individuals dedicated to the review of all of the files prior to recieving the first disbursment of funds. It is their duty to check for accruacy. They really point out the simplest of flaws within the department and can help the Director of Financial Aid understand what areas of the department should be strengthened.
La'Zarvius,
Great idea. It is always good to have a second set of eyes reviewing your work to ensure compliance.
Sincerely,
Chyrl Ayers
I will pull a random sample of 10-15 files per month and have my staff audit each other. This creates a culture of compliance and we have some competitive fun with it. We will cover the findings in our weekly meetings and use those as learning opportunities. In addition, I will pull another 10 files and review them myself so by the end of the month we have double checked 20-25 file total.
