Best Practices Maturity Model: Another Take on Best Practices Assessment Reports

ALTA's Best Practices Maturity Model is a resource to help companies identify areas of their policies and procedures that can be enhanced to better meet the Best Practices.

To use the Maturity Model, a company must first undergo a Best Practices assessment that tests the company’s policies and procedures to the ALTA Title Insurance and Settlement Company Best Practices and the Best Practices Assessment Procedures. The Maturity Model in no way changes the work that must be performed as part of the Best Practices assessment. Rather, the Maturity Model offers an alternative method of reporting the results of a Best Practices assessment.

After the company undergoes a Best Practices assessment, the company may plot its assessment results on the Maturity Model. Rather than focusing on a pass or fail designation, the Maturity Model features a spectrum of compliance levels that range from having no policies and procedures in place (“Ad Hoc”) to having policies and procedures that are fully compliant with the ALTA Best Practices (“Optimized”).

The Maturity Model allows companies to determine how their procedures measure against the ALTA Best Practices.  If a company is fully compliant with the Best Practices, it should be in the “Optimized” category of the Maturity Model for each Best Practice. Using the Maturity Model as an assessment report helps companies identify ways to improve their policies and procedures to meet the Best Practices.

To learn more about the different compliance levels featured within the Maturity Model, check out the graphic below:

 

You may view Maturity Model and its accompanying Maturity Model Explainer, which details how to use this new tool, by visiting www.alta.org/bestpractices. As a reminder, the Best Practices Maturity Model is subject to an open comment period that closes on Friday, July 29, 2016. You may submit comments or feedback to [email protected].