Have you ever been involved in a risk-focused examination (“RFE”) where the results of the Information Technology (“IT”) Review were provided AFTER fieldwork had been finalized?
How about this one—have you ever been involved in an examination where the actuarial analysis was being performed only a few weeks before the 18-month deadline of June 30th?
As a specialist, have you even been involved in a financial examination where the Examiner-In-Charge (“EIC”) did not communicate or share details on the expected timeline and key deadlines?
Hopefully the answer to these questions is “no,” but it is certainly possible you have faced a situation like one of the above in the past. Most of us have likely experienced situations where coordination with our specialists was not as effective as it could have been in hindsight, thereby resulting in some concerns or even heightened levels of stress during a RFE. Sound familiar?
While there is no doubt that everyone involved in conducting exams is busy—whether it is individuals from state insurance departments, vendors, or contractors—we will probably all acknowledge that we have many important priorities on our plates at any given moment, so we might ask why we need to devote valuable attention and time to monitoring others’ work. But ineffective coordination with specialists can be a “self-inflicted wound” that should be avoided. The time you spend investing up front to avoid these issues will pay dividends in the long run!