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Shared Compliance Resources

 

 

Hired, trained and certified, Credit Union Resources; Shared Compliance Specialists divide their time among assigned credit unions.  Services provided include the following:

 

 

 

SHARED COMPLIANCE RESOURCES

·         Developing effective compliance strategies

·         Monitoring applicable laws and regulations

·         Interfacing/coordinating with management

·         Training/educational material development

·         Institution advocate with regulatory/audit professionals

·         Regulatory research

·         Coordinates issues with legal counsel*

 

 

ADDITIONAL PRODUCTS /SERVICES

 

Due Diligence for Vendors/Third Party Service

 

In December 2007, Supervisory Letter 07-CU-13, Evaluating Third Party Relationships, was issued.  As a result, Shared Compliance Resources provides assembling, review and documentation of information subject to NCUA Regulatory Requirements:

 

Benchmark Process

·         Planning

·         Risk Assessment

·         Financial Review

Due Diligence Process

·         Background Check

·         Business Model

·         Financial Information

·         Review fro outside audits

·         Financial and Operational Control Review

Contract Issues and Regulator Review

Measuring, Monitoring and Controlling Risk

 

Policy Review and Development

 

Review, Compile and document compliance policy elements:

·         Intent to comply

·         Responsibilities

·         Establish/Include Compliance Committee (if applicable)

·         Homework – gather background information

·         Defining terms

·         Frame action in a logical sequence

 

Web Site Compliance Reviews

 

Full Scope

·         Review of all web pages for regulatory requirements

·         Assess web host vendor, contract regulatory review of third party vendors, credit union due diligence, vendor oversight and e-commerce policy and procedures

·         Review site compliance with applicable Federal Reserve, NCUA and other applicable rules and regulations

 

Limited Scope

·         Review of web site pages covering compliance related items only

 

*SCR does not represent any of its functions to take the place of or serve as legal advice.


For more information on the services our department offers, please contact our office manager.

 

Deana Brown
1-800-442-5762, Ext. 6464
dbrown@curesources.coop




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