Credit Union Compliance
Management Software
Keep pace with regulatory change and centralize compliance management with a credit union compliance management system from Quantivate & CUNA.
Compliance Management Software
for Credit Unions
Today's credit union compliance managers need robust and effective compliance management software solutions to stay on top of changing laws, regulations, standards, and internal policies.
Quantivate compliance management technology is now available to credit unions through an alliance with Credit Union National Association (CUNA), providing a powerful software solution for credit unions to handle a wide variety of regulatory and compliance processes and ensure organization-wide accountability. The software delivers key features to monitor pertinent regulations and other requirements, organize compliance documentation, run risk assessments, and demonstrate proof of compliance through robust reporting.
Credit Union Compliance Management Systemā¢, provided as a benefit of CUNA or credit union league membership, provides a strong foundation for starting a compliance management program, managing regulatory change, and/or automating manual compliance processes.
For credit unions seeking more robust functionality or to mature their compliance management program with a full-featured solution, Credit Union Compliance Management System PLUSā¢ is a ready-to-use platform for centralizing compliance and policy management tasks.
Credit Union Compliance Management System PLUS includes all the features of the membership benefit level plus additional functionality and content. It also provides the best path to implementing other GRC software from Quantivate as your credit union matures its risk and compliance management capabilities. The compliance and policy/document management features included in Credit Union Compliance Management System PLUS integrate seamlessly with Quantivateās full suite of GRC solutions, which includes software for vendor management, business continuity, enterprise risk management, IT risk management, and more.
These compliance management systems can help you:
- Perform a risk assessment on regulatory changes to identify gaps in compliance and determine the priority of implementation.
- Automate tasks and notifications through intuitive workflows.
- Map and apply all regulatory requirements to applicable policies, controls, and processes.
- Demonstrate proof of compliance with comprehensive reporting capabilities.
- Review how compliance changes impact your credit union.
- Create and manage any training and/or testing that a compliance change may require.
Interested in learning more?
Visit CUNA's website for more information about compliance management systems for credit unions.
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Credit Union Compliance Management helps you:
INCREASE VISIBILITY
Maintain oversight of compliance costs by mapping changes to impacted business units or processes, policies, controls, and more
AUTOMATE TASKS
Configure workflows that eliminate manual processes and minimize the burden of compliance management
CENTRALIZE COMPLIANCE
ACTIVITIES & DOCUMENTATION
Organize your compliance management processes with a searchable file library, automated task management capabilities, and built-in compliance monitoring and analytics
IMPROVE ACCOUNTABILITY
Leverage built-in reporting tools to demonstrate proof of compliance
STAY INFORMED
Track your credit union's compliance status in real time, and receive compliance alerts from CUNA
KEEP UP WITH
REGULATORY CHANGE
Track laws and regulations coming from multiple sources and address compliance issues in a timely manner
Credit Union Compliance Management System
Quantivate and CUNAās regulatory compliance software solution provides a common framework and an integrated approach to meet credit unionāspecific regulations. Credit unions can leverage built-in compliance alerts and content from CUNA, as well as risk alerts from CUNA Mutual Group, to maintain an up-to-date compliance management program.
Executive Summaries
Provided as a part of the included software content, executive summaries outline existing laws and regulations that are already in effect. Executive summaries are continually reviewed and updated by CUNA.
Content of Executive Summaries:
- Applicability
- Summary
- List of main requirements
- Policy and procedure requirements
- Testing and auditing requirements
- List of items to test compliance
Integrated compliance & risk management for credit unions
Features Your Credit Union Needs to Succeed
Leverage a centralized platform for tracking regulatory and legal changes and requirements, organizing compliance documentation, and managing compliance processes, with features including:
- Real-time compliance status tracking
- Compliance testing templates
- Risk assessments
- Compliance gap reports
- Remediation tracking and action plans
- Document library
- Law & regulation library (links to online sources from NCUA, OCC, FDIC, FFIEC, Federal Reserve, and CFPB)
- Executive summaries
- Compliance and risk reporting
- Built-in content for common regulatory frameworks
- Compliance task management and automated workflows for task assignments, approvals, and reminders
- Automated audit tracking of all compliance changes
- Customizable dashboards for monitoring compliance requirements, activities, and status
- Advertisement reviews for financial institutions with attorney-generated questions for evaluating marketing ads impacted by regulatory changes
- CUNA compliance content and alerts
- Allows management visibility into compliance activities
- Mitigates risks to prevent loss through proactive monitoring
- Identifies gaps and manages remediation plans
- Saves time and reduces error by eliminating manual processes
- Centralizes management of compliance efforts
- Improves accountability
- Verifies regulatory compliance
Ā Benefits
Compliance Alerts
Track compliance with confidence! Through our compliance partners, Quantivate provides Compliance Management customers with optional services to notify them of new requirements, alerts, and advisories. The notifications are integrated with our compliance management module and can cover federal, state, and/or local compliance changes. Our compliance partners, CUNA and LexisNexis each provide a unique offering to ensure we can address the unique needs of all financial institutions.
CUNA
CUNA offers regulatory updates in the form of compliance alert emails and content included with the software. These resources help your credit union understand new or amended regulations from NCUA, OCC, FDIC, FFIEC, Federal Reserve, or the CFPB and the steps you need to take in order to remain compliant. These compliance alerts are written by experienced compliance attorneys who translate the complex regulatory language and provide an executive summary and action items. One of the challenges of new regulatory requirements is determining whether or not the rules apply to your credit union and, specifically, which of your products would be impacted. Each CUNA compliance alert includes the following content to help you determine if and how the new rules impact your operations.
Content of Compliance Alerts:
- Regulatory Update Name
- Mandatory Compliance Date
- Scope & Applicability
- Agency / Agencies
- Executive Summary
Content of Compliance Alerts:
- Exemption Thresholds (if applicable)
- Impacted Areas
- Action Items
- Frequently Asked Questions (if applicable)
- Links to Change Documentation
- Additional Resources
LexisNexis
LexisNexis Legal & ProfessionalĀ® provides federal, state, and local compliance alert services for Quantivate's Credit Union Compliance Management module. Their services monitor regulatory changes from 13,000 agencies covering 52,000 measures and 600 document types. Customers interested in these services can pick from a variety of options to create a customized set of compliance alerts that best fits their needs. The alerts are then cataloged at various stages in the billās lifecycle within our integrated GRC Suite which aids teams in addressing those changes. Each LexisNexis compliance alert includes the following content to help you determine if and how the new rules impact your credit union's operations.
Content of Compliance Alerts:
- Regulatory Update Name
- Update Description
- Location Impacted
- Mandatory Compliance Date
- Links to Change Documentation
GRC Software Suite
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