GRAND RAPIDS, Mich. (11/18/14)--CU*Answers, a Grand Rapids, Mich.-based credit union service organization, announced the winners of its first Cost of Compliance contest at its recent CEO Strategies Conference.
Contest participants were tasked to create a template that provides a standard way of accounting for an institution's overall costs associated with compliance-related activities.
Nine credit unions participated in the contest.
The contest--sponsored by AuditLink, CU*Answers' compliance division--was open to credit union CEOs and chief financial officers.
"We have been hearing loud and clear at many of our CEO-peer events that the cost of compliance is having a large and growing negative impact on credit union earnings," said Jim Vilker, CU*Answers vice president of professional services. "The goal is to create an overall template and implementation schema that credit unions can use that hopefully will become a standard across our industry."
A second contest, with another $5,000 in awards on the line, will begin Jan. 1. It revolves around the application of the templates in a real world environment in which compliance expenses are actually accounted for and recognized on the expense statement.