CU*Answers Announces ERM Strategy
Scott Page, EVP
800-327-3478, ext. 103
Melinda Haehnel, VP of Marketing & Public Relations
800-327-3478, ext. 138
GRAND RAPIDS, MI – August 8, 2012 – CU*Answers, the 100% credit union-owned CUSO, announced that it is developing a full Enterprise Risk Management (ERM) strategy to be built into its CU*BASE® core data processing software. The software update is being developed in conjunction with AuditLink, CU*Answers’ auditing and compliance managed services division, as well as with CU*Answers’ internal writing team.
“Today, credit unions are being pressured by auditors and third parties to identify their ERM program,” said Randy Karnes, CEO of CU*Answers. The update release is slated for Fall of 2012, and includes tools to monitor credit risk, interest rate risk, transaction risk, compliance risk, liquidity risk and concentration risk. Karnes continued, “NCUA wants credit unions to be able to demonstrate a grasp of portfolio risks and trends. We want to give credit unions the tools to drive down the cost of risk mitigation.”
About CU*Answers, Inc.
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 40+ years ago, CU*Answers is a 100% credit union-owned CUSO providing services to credit unions representing nearly 1.5 million members and $10 billion in credit union assets. For more information, visit www.cuanswers.com.