Taking a Deeper Dive into Your Deathcare Trust Records...What Would You Find?
According to research from PwC, more than 60 percent of financial losses at the enterprise level are a direct result of complaince-related accidental breaches, such as misplaced files.
This is an alarming statistic that further proves that funeral homes and cemeteries must have an effective records management program, especially for its preneed and perpetual care trusts. Despite these records serving a crucial role in the short- and long-term sustainability of your trust and business, FSI has seen the disorder of these records result in legal, regulatory and operational issues far too many times.
If you have any doubt on the overall health and proficiency of your trust’s records, FSI has identified the following practices that will help keep them organized and in compliance.
1. Find a Digital Platform that Keeps Your Records Organized
There are digital platforms that primarily exist to properly organize records and ensure they remain accurate, which is especially important when you have trust transactions moving in or out of your trust daily. When you throw in whether preneed contracts are trusted appropriately and the monthly distribution of investment earnings, you see how quickly records can become disorganized or illegally reconciled without the proper tools to maintain them. In this case, a robust digital platform can be your best friend.
2. Establish a Plan for Data Hacks
In today’s world, data breaches are an unfortunate reality we must address. Part of that reality is understanding that it is impossible to completely eliminate the possibility of a hack, but that you can have a proactive approach to minimize its chances. Your plan can be simple as transitioning your business to the Cloud. While some may believe this makes your data less safe, it is actually the exact opposite. No matter the approach, your IT team can help you develop a proactive, protective plan of action.
3. Assign an Internal Champion or Consider External Help
Maintaining a robust records management program is an important responsibility, and it should be addressed as one. Consider assigning a member of your team to champion your records management or find a reputable third party to manage it if the internal capacity doesn’t exist.
4. Maintain Active Communication with Your Record Keeper
Regular conversations with the professional or third party managing your records will help align your actions with the ultimate goals of your trust. It is critical to keep an open and fluid line of communication!
