New Jersey Credit Union League expands compliance solutions offerings through partnership with AffirmX
CHARLOTTE, NC (May 8, 2019) — The New Jersey Credit Union League (NJCUL) is proud to offer its credit unions a full suite of compliance solutions designed to help your credit union reduce workloads, anxieties, and costs associated with compliance. Through a new partnership with AffirmX, NJCUL is expanding its offerings of affordable, top-notch audits and assessments to our credit union members.
AffirmX combines patented technology and experienced analysts to help financial institutions stay on top of consumer regulatory compliance requirements, leveraging the latest in cloud-based technology to connect you with a team of experts to deliver a robust compliance solution.
By assembling management consultants, former regulatory examiners, attorneys, IT professionals, industry CEOs and audit specialists, AffirmX is revolutionizing the approach to the most time-consuming part of auditing: the searching for potential issues. Through a significant investment in technology and the development of a new audit paradigm, AffirmX cuts through the busy work of finding and interpreting information that must be acted upon. AffirmX presents credit unions with only relevant and timely information you need to act upon right now. This means much less searching and much more doing, and through the use of technology.
Available through its partnership with AffirmX, NJCUL can provide the following audits and assessments solutions:
Audits:
Bank Secrecy Act (BSA) Audit
Automated Clearing House (ACH) Audit
Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act Audit
Web Site Compliance Review
Assessments:
IT Security & Vulnerability Assessment
Enterprise Risk Assessment
Fair Lending Assessment
Vendor Management
Also available through this partnership is the AffirmX Risk Intel Center, which helps credit unions adhere to government regulations in a proactive and cost-efficient manner through a patented, cloud-based platform that is customized and branded for your institution. The platform draws on internal and external data sources to develop risk-based priorities to help you quickly identify issues, reduce costs and streamline compliance management practices. Unlike checklist-based systems that place the burden for understanding compliance requirements on your team, Risk Intel Center combines easy-to-use workflows with expert analysis and a risk-based dashboard to help your team stay on top of compliance issues.
To help a credit union monitor for regulatory compliance, AffirmX periodically reviews a sampling of the credit union’s forms, disclosures, advertisements, files, documents, website and reports related to consumer and Bank Secrecy Act regulatory compliance requirements. Specifically, AffirmX will review documents within the credit union’s Lending, Deposit, Marketing, and Operations functions.
For more information on any of the League’s compliance solutions, including the audits and assessments powered by AffirmX, click here or contact NJCUL Senior Vice President of Compliance & Regulatory Affairs, Nicola Foggie, at nfoggie@njcul.org or call 1-800-792-8861, ext. 112.
About New Jersey Credit Union League
Formed in 1934, the New Jersey Credit Union League is the statewide trade association representing credit unions and is committed to the development of the credit union movement in New Jersey. Our mission includes a full range of services, programs, products and money-saving opportunities specifically designed to satisfy a credit union's operational, financial, training, compliance and overall growth and development needs. For more information visit www.njcul.org. New Jersey’s credit unions serve 1.1 million members throughout the state with financial products and services. They offer a popular alternative to traditional banks with better rates and lower fees than other institutions. For more information visit www.bankingyoucantrust.com.
