Silly mistakes can have far reaching (and dire) consequences. That's why being prepared is so important! This week the CAM industry makes prevention as a priority through cyber security, fraud drills and reserves funding. Learn more about how to keep your communities and your management company safe, and while you're at it, have a safe and happy Halloween!
As an educated member of the Community Association Management industry, you already know how crucial it is to stay informed and up-to-date on the latest news, trends and happenings within the industry. Each week, we bring together our favorite reads of the week and share them with you! Enjoy the CAM Mash Up and please share it too!
The news has been awash with stories of cyber crime and data breaches. From Equifax to Yahoo to Kaspersky, it seems we hear a new development every day. So are community associations in danger of data breaches? The answer is an emphatic yes, and the culprit could be closer to home than you think. "In one recent post on Habitat’s online Board Talk forum, a board member reported that the co-op’s management company had inadvertently delivered the monthly financials of another property to the board, including rent rolls, shareholder names, full addresses, statement balances, plus all of the co-op’s bank account numbers. And it wasn’t the first such slip." How to avoid cyber breaches both accidental and deliberate? Here's one idea you should consider.
Fire Drills for Fraud
Remember fire drills in school? Back then, they seemed like a fun way to get out of the classroom for a bit, but they were important to train students and staff how to respond in an emergency to prevent problems if a real emergency were to occur. In community association management, fraud is like fire. We don't ever want it to happen in our office, but if it does, it would help if we were prepared. Here are some great tips on how to conduct a fraud drill to help your team quickly identify and respond to fraud should it ever flare up in your world.
Happy Staff = Happy Community
Your staff work hard, dedicate themselves to community success and are always ready with a smile. "So how can your community and administrators really show appreciation for hard jobs done well? Bonuses? Amenities? Parties? Hugs? Possibly! Aside from paychecks, there are plenty of ways to ensure that your staff enjoys coming to work." Here are some great ideas of ways you can show community staff you love them!
Surprise! It's Construction
As much as we all love the finished product, nobody loves construction in their comunity. There's the noise, the traffic problems, the dangers to curious children... Spectrum Management has seven great ideas of steps the board can take before starting any major construction projects in the community.
Six Degrees of Separation
Every board member has experienced it - maybe you were having an outdoor barbeque or checking the mail or walking the pooch and then a neighbor wants to talk board business. It's very hard to seperate the role of board member from the role of friendly neighbor, and it can be hard on anyone. Maybe this is one of the reasons many board members tend to have serve only one term. Take some advice from the Hignell properties on how to set boundaries with your fellow homeowners.
Reservations on Reserves
Boards tend to want to think in the present - keep all the neighbors happy by not raising assessments and hope nothing goes wrong on their watch. Unfortunately, things can and do go wrong, and it's the board's fiduciary duty to make sure the community is prepared. Robert Nordlund of AssociationReserves gave an epic webinar this week to help managers learn to communicate the importance of reserves and help the board build an actionable plan. See the rundown here.
Do You Have Big News This Week?
If you've got big news that would be relevant to other CAM professionals, please share it with us in the comments below!