Single Source of Truth: Why It's Critical for Financial Institutions
Outdated policies. Conflicting procedures. Multiple versions of the same file. If your intranet isn't your single source of truth, you're at risk - and you might not even realize it.
What Does 'Single Source of Truth' Really Mean?
In a financial institution, a single source of truth (SSOT) means staff access the same, authoritative version of each document - every time. Whether it's a compliance policy, HR form, or step-by-step procedure, there's no confusion over what's current.
Why It Matters in Banks and Credit Unions
- Compliance: FDIC and NCUA regulators expect a clear version history and centralized access to critical documentation.
- Risk Reduction: Eliminating outdated versions helps prevent human error and internal miscommunication.
- Efficiency: Staff spend less time hunting for files and more time acting on correct information.
How to Build a Single Source of Truth
You can't just declare a folder structure your SSOT. It takes structure, enforcement, and smart features:
- Version Control: Track every edit with author, timestamp, and change log.
- Policy Acknowledgment: Tie the right documents to each employee and confirm they've read the latest version.
- Smart Search: Ensure old files aren't being shared just because they're easier to find.
- Role-Based Access: Not everyone should see every file. Filter access to reduce noise and risk.