CU*Answers Risk Management Tool – Free to All
GRAND RAPIDS, MI – December 11, 2012 – As part of its recent CEO Strategies Week, 100% credit union-owned CUSO, CU*Answers, reiterated how dozens of credit unions nationally were already utilizing its previously developed Risk Management Report Generator tool, provided free to any credit union requiring this type of resource.
A spokesperson for CU*Answers added how Third Party Risk Assessments are time consuming, difficult, and often one of the last things on the minds of credit unions when making a decision regarding a new product or service. He added that as a result of this required due diligence, CU*Answers credit union owners requested the CUSO to develop a standardized toolset which could be utilized by any credit union.
CU*Answers responded by developing its Risk Management Report Generator. They said that with this tool, credit unions are able to more effectively complete third-party evaluations for any business partner, while simultaneously building a database of information for automated review and retrieval. CU*Answers added this valuable resource allows credit unions to more quickly and effectively identify their vendors, complete a contract abstract for each vendor, create reports to analyze potential risks, then compare that analysis to the same set of examiner’s questions under which financial institutions are tested.
They concluded by saying that any credit union desiring any additional information or having further questions may contact a CU*Answers representative for assistance. 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.