Best practice calls for a leadership review of TCF Management Information at least 2x per month.
Ultimately the MI aims to demonstrate that customers can be confident that TCF at the heart of its culture.
The Management Information collected needs to be timeous and lead to decisive action. Actions need to be based on a comprehensive MI evidence trail along the entire value chain. The data required to demonstrate the consistent application of TCF principles will depend on your organisation size, and how you service your markets.
Fairness is the core of TCF Management Information (MI), not customer satisfaction.
Just because a customer is unhappy does not mean they are being treated unfairly, likewise even when a customer is satisfied it does not mean they are necessarily being treated fairly. This is why TCF MI is essential in demonstrating that the organisation is taking the necessary steps to improve TCF compliance and embedding the right behaviour.
TCF Management Information helps measure our performance against:
- our specific stated TCF strategies and objectives
- relevant organisational standards of TCF service
- legislative standards (www.fsb.co.za) for protecting the interests of consumers
- the entire value chain (from provider to broker to customer)
Compliance requires TCF Management Information. The MI data helps demonstrates the financial organisation is embedding TCF principles through:
- measuring and demonstrating progress in implementing the 6 elements of TCF
- taking action that improves procedures and customer service (where required)
- gathering information that demonstrates the improvements in standards and the fair treatment of customers
- monitoring outcomes of the changes required.
TCF Management Information MI is the heartbeat of your organisational compliance!
TCF compliance begins with:
- discovering the relevant TCF principles that apply to your business
- planning how to measure, assess and deliver on the 6 TCF principles
- gathering the relevant actionable data to help positively impact culture and behaviours
- collating the relevant MI for TCF compliance
- examining new ways of looking at the data already available
- Document your TCF Plan including:
- what and how you gather TCF MI, and why
- how often TCF MI should be communicated (including summaries required and how they are circulated)
- which leaders should receive them
- how to raise issues, how to prioritise them and take action
Key MI areas:
- the translation of organisational culture and values into daily behaviour
- the organisation’s long-term TCF strategy
- product design and governance related to key targeted demographics
- how marketing, advertising and financial promotions align with strategy
- the sales process including communication and service after the sale
- how complaints are managed
Recording and identifying the risks highlighted in the Management Information MI data is essential. As is plotting the actions necessary to correct issues, and how these corrective steps will be incorporated into your knowledge management system in order to improve processes and procedures.
Contact us today to learn more about how to evidence and deliver on the 6 TCF consumer outcomes.