Mid-year compliance check up
Published by: Kim Connor
July 25, 2023 | Education & Training
As we make our way into the third quarter, it’s a good time to reflect on compliance goals and course correct, if necessary. InfoSight has a full suite of compliance tools created specifically for credit unions that can help your team meet and exceed your goals before year-end.
Compliance Goal: ensure your team has a clear understanding of federal and state laws and regulations. It’s difficult to implement a successful compliance program if you or your staff do not fully understand what’s expected. InfoSight explains relevant laws and regulations in easy-to-understand language, and each topic includes information about the issue, how it affects credit unions, and what you should do about it.
Compliance Goal: review all policies and procedures.
Laws, regulations, and the credit union’s operations can change frequently. The credit union’s policies and procedures must keep up with those changes, be reviewed by the board, and be clearly communicated to staff. CU PolicyPro provides over 230 credit union-specific model policies and procedures, which are reviewed quarterly and updated if necessary. CU PolicyPro’s content management system offers multiple auditing tools to keep track of changes, and the assignment feature helps ensure that your board and staff stay up to date.
Compliance Goal: conduct regular internal audits.
It’s important to make sure the credit union’s internal control processes are operating effectively and keeping the credit compliant in all areas. ComplySight includes 16 areas of compliance and over 700 compliance factors for self-evaluation and grading to identify any potential areas of non-compliance and take corrective action as needed.
Compliance Goal: create a culture of compliance within the credit union.
Compliance is a shared responsibility that requires ongoing effort and commitment from all team members. Credit union leadership should actively participate in and promote compliance activities, and provide staff members with adequate resources, support, and training. InfoSight and CU PolicyPro subscribers can create an unlimited number of users. Both provide compliance guidance on topics relevant to human resources, accounting, marketing, lending, collections, account operations, the board of directors, and more.
Compliance Goal: be transparent.
Being open with staff, the board, and examiners about your compliance efforts helps build trust and credibility and demonstrates your commitment to compliance. CU PolicyPro allows you to distribute policies, procedures, and other compliance documentation to all stakeholders. The system’s robust user access levels allow you to control viewing and administrative rights specific to each user.
Whether you are well on your way to achieving your 2023 compliance program goals or you have fallen a little behind, celebrate all that you’ve learned and achieved so far this year. And remember, InfoSight is here to help.
Prefer an in-person skills update? The Regulatory Compliance Conference on Aug. 31 will cover the latest compliance trends affecting credit unions. Register today.
Contact Kim Connor for questions or assistance.
