At the 2019 CUNA Technology Council Conference this September, CUNA Chief Compliance Officer Jared Ihrig and Quantivate CEO Andy Vanderhoff sat down to discuss hot topics in the world of regulatory compliance and share some details about CUNA and Quantivate’s work to create a forthcoming compliance management solution for credit unions.
Watch the full interview at CUbroadcast.
From cybersecurity issues to compliance examinations, many credit unions struggle to keep up with evolving regulatory requirements and avoid the potential penalties and reputational damage that can result from compliance violations.
In a recent joint interview at the CUNA Technology Council Conference, Jared
Ihrig and Andy Vanderhoff discussed an upcoming compliance solution to address these challenges, which was developed by Credit Union National Association (CUNA) and Quantivate.
“Technology is core to compliance solutions,” Jared explained, “so the compliance management system that’s now a requirement from the regulators for credit unions is more than just having a compliance officer on staff.”
He shared how CUNA and Quantivate are building a comprehensive compliance management system, or CMS, powered by Quantivate technology, equipping credit unions to monitor and manage both state and federal compliance requirements.
– JARED IHRIG
Andy elaborated on the value that this technology brings to credit unions and their management processes: “As the volume of compliance change continues to grow, so does the speed at which the change needs to get implemented. All of that means that the credit unions that have traditionally used [word processing programs and spreadsheets] to do a lot of this tracking need more automation.”
The struggle for many compliance officers is typically not a lack of regulatory information, but rather a deficiency of timely, relevant content that helps them monitor their organization’s compliance status. The realization that “there has to be a better way” than manually tracking regulatory change led to CUNA and Quantivate developing the forthcoming technology-enabled solution for compliance management. This CMS will eliminate the problem of siloed compliance information, uniting compliance management with governance and risk management to deliver real-time data to the right people at the right time.
Stay tuned for more details about compliance management systems for credit unions in the coming weeks!