While the entire industry is focusing on how to help members stay afloat during the COVID-19 crisis, credit union compliance professionals all over the country are starting to realize how regulatory technology can help them stay on track with compliance.
Now isn’t the time to put compliance on the back burner; with a flood of new guidance coming down almost daily, instead it’s time to ensure things don’t get out of control because priorities have changed—it is a time to ensure your compliance program is sealed tight. Further, in a time when every company is in a position of having to evaluate payroll dollars, it is a time where those responsible for compliance at the credit union need to demonstrate value by stepping up the efficiency of compliance efforts.
Technology can help, and it can help quickly. The good news it, it doesn’t take weeks or months to implement, and it doesn’t have to be wildly expensive – in many cases, it won’t cost credit unions an extra dime.
The Simplest Path to Compliance
If your credit union is a member of CUNA or your league, you have access as a benefit of membership to Credit Union Compliance Management System™ (CU CMS)—no additional fee. Credit unions that are not members of CUNA or their League – as well as those who need more robust compliance solution – can purchase Credit Union Compliance Management System PLUS™ (CU CMS+).
Because CU CMS leverages the collective knowledge of credit union professionals who helped design the software, CU CMS is focused on the functionality needed to execute compliance tasks efficiently and accurately.
The tool is built upon the best-in-class compliance management platform by Quantivate, a GRC technology leader. It wasn’t designed to have complex or lengthy implementation requirements, it was designed to plug and play, to be intuitive and scalable to any size credit union.
An Example: The Recent FFCRA Compliance Change
Let’s break down the process of complying with a new regulatory compliance change from awareness to operational implementation within the CU CMS system using the recent FFCRA Paid Expanded Family Leave & Paid Emergency Sick Leave guidance as an example.
Don’t Get Overwhelmed by Changes
CU CMS workflow technology brings a proven process for building compliance with each new regulatory change. Workflow breaks down compliance into manageable bites with a guided process that prompts compliance officers to:
Further, compliance officers will be able to identify any documents impacted, such as:
Don’t Continue to Rely on Excel Spreadsheets to Track Important Work
Workflow prompts the compliance officer to keep track of all compliance workpapers and evidence within the compliance plan with an easy-to-use document repository attached to each regulation change they work through.
Regulation changes are filed by regulatory topic providing a quick, easy to locate historical tracking of everything you’ve done to comply. In addition, CU CMS produces comprehensive reports drafted behind the scenes automatically as you progress through the workflow including a risk-assessment report, and full compliance report for each regulatory change.
CU CMS dashboards provide the compliance officer with a quick snapshot and detailed drill-down analysis, so they know at any point in time the status of compliance efforts across the credit union.
Dashboards allow staff to:
The next time an examiner walks in, or a CEO requests compliance documentation, the compliance officer will be equipped to fulfill those requests with only a few clicks of a mouse.
Change can be challenging during the best of times; changing the method of doing things is especially difficult during stressful, intense circumstance like that presented to us all by COVID-19. Taking a few minutes out of a busy day to explore the opportunity this new tool presents might just be the catalyst needed to strengthen your credit union’s compliance program and bring you the compliance confidence that helps everyone have one less thing to worry about.
If you are interested in learning more or getting started with this new member benefit, visit www.cuna.org/CUCMS.