Is your credit union ready for compliance challenges and insider threats?

Take a proactive and comprehensive approach to mitigating the risks.

As financial institutions, credit unions are constantly faced with compliance challenges. From navigating evolving frameworks to dealing with potential threats from both staff and third-party vendors, managing compliance requires a comprehensive approach that leverages the right technology, policies and processes. Failure to address these challenges can result in heavy fines, reputational damage and legal repercussions. To avoid such outcomes, credit unions need to stay ahead of the curve when it comes to regulatory compliance and insider threats. In this article, we delve into the key considerations credit unions need to keep in mind.

Regulatory compliance challenges

To comply with regulations, credit unions need to stay up to date with the rules that govern the industry. This involves tracking changes to existing laws while also understanding new ones that are introduced. Additionally, credit unions should develop comprehensive policies and procedures that ensure adherence to compliance guidelines, while also conducting regular audits and assessments to identify potential gaps.

Conduct regular risk assessments

Risk assessments are a critical component of compliance programs. Credit unions should conduct regular risk assessments to identify potential compliance risks and implement necessary controls. Risk assessments should cover all areas of the organization and be conducted by individuals with the necessary expertise. By conducting regular risk assessments, credit unions can identify potential compliance risks before they become issues.


continue reading »