P&P Policies and Procedures Consulting
P&P Policies and Procedures Consulting

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The Policies & Procedures Authority – The newsletter about the art of transforming workplace learning and performance through Policies & Procedures Communication

Policies & Procedures Expertise Needed for Uptick in the Financial Industry

– Raymond E. Urgo


Prior to the recession in the last decade, the U.S. financial industry was a primary seeker of policies and procedures (P&P) expertise. By 2008, however, there was a noticeable loss in jobs for P&P talent due to the melt-down in mortgage lending and the onset of the global recession. Since the last half of 2009, however, there has been a modest uptick in the financial industry—requiring a greater need for P&P talent.

Increasing need for P&P assessment

The many changes in banking, credit unions, credit card companies, and home insurance companies increased the demand for P&P expertise to objectively assess the quality of P&P documents and documentation practices. Financial executives are now more concerned that their organizations’ practices and P&P documentation are subject to audits and investigations and could include summons to testify in court or in U.S. Congressional hearings. Executives know that the consequences could mean sizable financial penalties, as well as negative publicity.

New P&P positions necessary

In more recent months, we have observed that banks and credit unions are once again emphasizing the importance of P&P communications that achieve and demonstrate compliance. There is a renewed emergence of additional positions for P&P analysts and supervisors to support new regulations, emerging operational functions, changes in credit practices, corrections in abusive mortgage practices, as well as to accommodate organizational mergers, restructurings, and acquisitions. Executives appear to be on guard in a more closely watched industry. They are again realizing the importance of P&P expertise to the organization’s operation.

Difficulty finding P&P talent

At the same time, financial institutions are having difficulty recruiting the talent necessary to effectively develop and manage P&P communications. Applicants may not have the required mix of P&P expertise and subject expertise (such as commercial banking, mortgage lending, or banking operations). One internal recruiter reported that most of the applicants responding to a position posting had subject expertise only and were seeking re-entry into the industry after experiencing a “lay-off” a few years ago.

Reasons for difficulty finding talent

There are three main reasons why the financial industry has difficulty in finding qualified P&P talent to meet the return in demand:

  • Internal recruiters do not know of or have access to the best pool of qualified candidates with the unique mix of competencies outside of their organizations.
  • Compensation rates are currently on the modest side for the mix of expertise required.
  • Some financial institutions are unwilling to engage an external recruiter who is familiar with the P&P talent pool.


Since mid 2009, the financial industry is beginning to once again value and seek P&P expertise. The many changes in the industry increased the demand for objective assessments of P&P documents and documentation practices. These changes also increased the number of new positions for P&P analysts and supervisors; however, internal recruiters often have difficulty finding the mix of expertise required to fill these positions.

For assistance in defining, recruiting, assessing, and on boarding policies and procedures talent for your organization, or for advice about P&P trends in your industry, contact Urgo & Associates.