View some real-world examples and discover what makes a GREAT questionnaire!
Questionnaires are used for ongoing due diligence across your cannabis banking portfolio. They are automated forms that can be scheduled on an ongoing basis (for example, a monthly questionnaire to collect hemp testing results from all of your hemp clients) or can be sent out as needed with no recurring schedule to collect information from your cannabis-related accounts.
The first step in creating questionnaires is having a broad understanding of what they can be used for and why it makes sense to automate these activities.
Need ideas for what types of questionnaires to build to support your ongoing compliance efforts? Look no further. Your fellow financial institutions have started the heavy lifting by building and distributing questionnaires to their cannabis-related accounts.
Here's a list of some questionnaires to get the creative juices flowing:
- Monthly Hemp Testing Results
- Yearly Attestations (Following State and Federal Guidance)
- Quarterly Sales and Gross Margin Projections
- Beneficial Ownership Structure Changes
- Yearly Operational Updates
- List of Third-Party Providers or Contractors
What makes a great questionnaire
Now that you're aware of how others are using questionnaires, let's take a step back and determine where to get started:
- Think about the forms, emails, requests, and other information that you are sending out to your cannabis-related businesses.
- Pro tip: If it helps, make a list of everything—you might be surprised at the amount of manual requests you're still making!
- It's a repeatable task that can be standardized across your cannabis accounts—what are you waiting for? Let's turn it into a questionnaire!
- Questionnaires should be actionable and to-the-point. Try not to use one 100 question questionnaire when you could break it up into smaller questionnaires at different time intervals. It will be easier for YOU to administer and your cannabis-related businesses to fill out.
- After your questionnaires are built, enabled, and distributed, you'll feel unstoppable! This is when reporting will come into play. Make sure you structure your questionnaire labels (the questions you ask or data points you're collecting) in a way that makes sense when running reports. For instance, you might not want to use a paragraph of text as the "label" for a question, when you could use help text instead.
Need help creating questionnaires? Use these articles: