Risk Management Services

Enterprise Risk Management (ERM) – a “top-down” review and analysis of the credit union’s risk profile encompassing each component of the organization.

Risk Assessment – Individual reviews/assessments that measures and determines the level of liability and exposure that includes (but is not limited to) the following areas:

• Concentration
• BSA/AML/OFAC
• Compliance Program
• Lending (all areas)
• FACTA Red Flags ID Theft
• Home Banking
• Remote Deposit Capture

Due Diligence for Vendors/Third Party Service

Risk Management and Compliance Resources provides assembling, review and documentation of information subject to NCUA Regulatory Requirements covered in Supervisory Letter 07-CU-13, Evaluating Third Party Relationships.  The process includes the following:

• Benchmark Process which includes planning, risk assessment and financial review.
• Concentration Risk
• Due Diligence Process which includes background checks, business model, financial information, review of outside audits and financial and operational control review.
• Contract Issues and Regulator Review
• Measuring, Monitoring and Controlling Risk

Policy Review and Development

After a complete review assistance is provided to gather all necessary background information, compile and document compliance policy elements that include: intent to comply, responsibilities, defining terms and frame actions in a logical sequence.

Compliance Services

Compliance Specialists are hired, trained and put through certification classes by Credit Union Resources.  Throughout the year they divide or share their time among assigned credit unions. While working at a credit union services provided include the following:

• Development, management and maintenance of an effective compliance program
• Monitoring and analyzing new and revised laws and regulations
• Training staff and management on current and crucial regulatory issues
• Liaison/Advocate with Regulators
• Research (Regulatory and Risk related)
• Compliance and Risk Reviews:
  • HMDA; Fair Lending Review; Mortgage Lending;
  • Safe Deposit Box;
  • SAFE Act;
  • Social Media
  • OSHA – adding in 2019
  • ADA – adding in 2019
  • Indirect Lending; Plastic Card; Marketing/Advertising – incl. signage, billboards; ATM – Limited to signage, screen, stickers
  • Concentration (Asset) Analysis

Website Compliance Reviews

Select from a limited scope or expanded full scope website reviews. Limited scope conducts a review of the credit union’s website for compliance related items only.  The expanded full scope option reviews the website for regulatory requirements, as well as a review of web host vendor, regulatory review of third-party vendors, credit union due diligence and site compliance with applicable Federal Reserve and NCUA applicable rules and regulations.

ADA (Americans with Disabilities Act) Compliance Reviews have been implemented as a new service for this area.  These review determine the level of accessibility to online services for the credit union.