The credit union industry is about to add a powerful new solution to its compliance toolbox.
Quantivate, in conjunction with Credit Union National Association (CUNA), is pleased to announce the preliminary release of CUNA Compliance Management System (CCMS) and CUNA Compliance Management System PLUS (CCMS+).
In a recent interview about compliance management systems, Quantivate CEO Andy Vanderhoff said:
“One of the biggest challenges for credit unions is staying in compliance. Compliance changes; it doesn’t stay the same, and there’s constantly new regulations, new threats, new risks, and you have to ensure that your organization can be agile enough to keep up to date with all of those changes as they occur.”
CCMS and CCMS+ are designed to equip credit unions to take a comprehensive yet agile approach to compliance and regulatory change management. Through flexible functionality for tracking federal and state regulatory change, accessing up-to-date compliance content, and efficiently managing compliance activities, credit unions can manage their whole compliance program in one platform.
The release will begin with a soft launch to a select group of credit unions through the end of 2019, with full availability in 2020.
A CUNA study on regulatory burden found that regulatory costs total a staggering $6.1 billion across the U.S. credit union industry. This averages out to 15% of operating expenses and 20% of employee time spent on regulatory compliance.
In light of statistics like these, it’s clear that credit unions need a better way to manage regulatory burden and reduce compliance costs.
Quantivate and CUNA’s joint efforts to simplify compliance management for credit unions took root in 2017 when CUNA began evaluating compliance technology platforms to support the development of a national, industry-wide solution rollout.
In October 2018, CUNA announced that it had chosen Quantivate as its technology provider to develop a groundbreaking credit union compliance management system, or CMS. CUNA Chief Compliance Officer Jared Ihrig said that “Quantivate’s technology is key to our investment in the future of the industry to ensure credit unions have access to a comprehensive integrated solution that combines state and federal compliance.”
Over the past year, Quantivate and CUNA have worked together to build a holistic system featuring two levels to meet credit unions’ varied compliance needs. Quantivate’s scalable technology platform allows credit unions to expand their management capabilities as they grow, adding further functionality and content to support other governance and risk management initiatives.
Quantivate also offers an extended suite of risk management software featuring built-in integration with both CCMS and CCMS+, empowering credit unions to share data and automate management activities across their compliance, risk, and audit functions. The Quantivate GRC Software Suite equips organizations to effectively oversee governance and risk management — including enterprise risk, vendor risk, cybersecurity, business continuity, internal audit, and other areas — through a single, integrated platform.
For more information, visit: Next-Generation GRC for Credit Unions
In anticipation of the largest-ever GRC technology rollout in the credit union industry, we’re looking forward to simplifying compliance management for credit unions and leagues with tools to help relieve regulatory burden and effectively navigate their compliance and risk management challenges.
If you’re a Quantivate customer in the credit union industry currently using the Compliance Management module, watch your inbox for more information.
To learn more about CCMS or CCMS+, visit our GRC Software for Credit Unions page and let us know you’re interested by filling out the form.