CU Rx Risk Management and Compliance Service CUSO Signs Ohio Healthcare FCU
FOR IMMEDIATE RELEASE
Contact: Bryanna Tapley
CU Rx Vice President, Sales & Service
Jackson, Mich. (June 10, 2011) – CU Rx, a new risk management and compliance service CUSO, announces Ohio Healthcare Federal Credit Union ($45 million), Dublin, Ohio, as their first client signed under the CU Rx company name. Ohio Healthcare Federal Credit Union signed with CU Rx for one hundred hours of consulting services as part of a special “Risk Management and Compliance Retainer Program.” The
CU Rx Retainer Program assists in scrutinizing existing and new regulations to determine regulatory requirements and the compliance approach which best suits the credit union and its operations. Originally established in 2005 as CP Financial Services, LLC, an affiliate of CP Federal Credit Union, Jackson, Mich., CU Rx offers comprehensive review and audit services with solutions to improve credit union risk management, fraud, compliance, and regulatory best practices.
CU Rx expertise includes the ability to understand and utilize the Ultradata core processing system to ensure regulatory compliance while creating efficiencies for the credit union. This provides CU Rx the unique ability to work with and understand more about Ohio Healthcare Federal Credit Union’s internal controls than a standard CPA firm or other competitor would know.
“The catalyst for Ohio Healthcare Federal Credit Union to sign up with CU Rx was our knowledge and experience with the Ultradata core processing system. Ohio Healthcare’s President and CEO Bill Butler specifically wanted CU Rx to work with their Ultradata processor as part of the retainer agreement,” said Bryanna Tapley, CU Rx vice president of sales and service. “CU Rx enjoys a great working knowledge of the Ultradata system relative to risk management and compliance, because it’s used by our parent credit union
CP Federal. CU Rx better understands why specific controls exist in the system and how to explain any changes to Ohio Healthcare’s staff. I expect the improvements we make for them in this area will be dramatic and pay off quickly.”
Through the CU Rx “Risk Management and Compliance Retainer Program,” the credit union receives a complimentary evaluation of their risk management and compliance needs. A tailored retainer option is then developed detailing a specific block of work time, from ten hours to one hundred hours, for CU Rx to deliver the optimal mix of products, services, or training required for improvement. The retainer program provides a way to mitigate and manage risk by strengthening the credit union’s compliance program, policies and controls while preparing for NCUA and State examinations.
# # #
About CU Rx
Established in 2005 as CP Financial Services, LLC, an affiliate of CP Federal Credit Union ($339 million) located in Jackson, Mich., CU Rx was created to serve credit unions as a credit union-owned CUSO.
CU Rx offers review and audit services for a wide scope of regulations and best practice topics. Expert solutions are tailored to the credit union’s needs to help clients better mitigate and manage risk while strengthening compliance, policies, and controls. CU Rx conducts training to ensure a client’s staff understands compliance on specific regulations and best practices and to avoid the risks and issues that surfaced in the CU Rx review process. By proactively conducting quarterly or annual risk management reviews, the credit union client can better meet and maintain regulatory requirements. To learn more about CU Rx, visit www.cu-rx.com or call 888-766-1576.