WATERTOWN, N.Y.-Keeping up with increasing compliance demands can hardly be handled by one person at the CU anymore.
But Northern FCU is using an online resource that not only has kept the credit union from having to hire an additional employee, it's making the compliance officer much more efficient.
The $160-million NFCU is using the New Haven, Connecticut -based Continuity Control's software application and online resource to boost the CU's compliance training and vendor management. "It saves me at least three to four hours a week," said Compliance Specialist Jennifer Davis, who added the tool helps her more effectively manage, monitor, and coordinate compliance activity throughout the entire credit union.
When it comes to compliance training, the growing number of courses specific to individuals within the CU have made the task extremely time-consuming and almost unmanageable, Davis explained. "Across-the-board training, like BSA, is not that hard to stay on top of, since everyone receives it. However, increasingly there are those courses that need to be taken by certain departments, even individuals. Take lending, for example. We want to make sure our lending staff has the knowledge of the regs and all the changes."
Programmable, Personalized Alerts
With Continuity Control, Davis programs the tool to send alerts to each staff member, according to their training needs. Then Davis logs into the system to check to see if staff completed the work. Continuity Control sends Davis reminders when training notices are to be sent to staff, and when deadlines are approaching. "You can program the system to do anything you need it do to."
Davis said Continuity Control provides the biggest assist with vendor management. "Our examiner looked at our vendor management process and said we needed a more centralized location to coordinate vendor management," Davis said, explaining that the old system scattered vendor management throughout the credit union into the hands of individuals working with each vendor. "Now the process is managed by me."
Instead of tracking down each contract from various departments, Davis now requires staff to store the contracts in Continuity Control, which allows her to make sure contracts are standardized, due diligence is addressed, and review of agreements is more timely. It also keeps tasks from falling off Davis' radar. "Through all its reminders and my ability so see things in one location, it keeps a lot of tasks within my peripheral vision."
Davis expects to use it for other areas, such as social media policy oversight and website compliance. "Social media is probably one of the fastest-growing compliance areas. Even though there is no regulatory due date associated with it, I know everyone is looking at social media and how to manage it and mitigate the risk that comes from it."
While pricing may be adjusted based on the credit union, Davis said her CU pays $90 per module per month.