How credit unions can use contract software to manage compliance and risk
Leverage graphical dashboards, artificial intelligence and OFAC tools to your advantage
Costly compliance issues and risk variables are on the rise for credit unions and can get in the way of meeting strategic goals. Luckily, in the age of digital transformation, credit unions can plan for risk and track compliance using contract management software.
Risk Challenges Faced By Credit Unions
Credit unions can face significant risks, including internal fraud, credit risk, noncompliance, transactional risk, lending risks and data breaches.
Noncompliance risk can come in many forms, including the risk of failing to comply with state and federal laws, loan agreements, and rules and regulations put forth by the National Credit Union Administration compliance and the Consumer Financial Protection Bureau.
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