Compliance costs are skyrocketing for credit unions, increasing strategic risk and reducing service quality for members. To offset these challenges, credit unions need a comprehensive solution for managing and monitoring their risk and compliance programs.
GRC — shorthand for governance, risk, and compliance — is a framework that encompasses the policies, processes, and capabilities that organizations develop to:
An effective GRC framework enables enterprise-wide coordination in the following areas:
Ensuring your credit union’s activities are aligned with strategic objectives; encompasses the processes, policies, and structures implemented to communicate, manage, and monitor organizational activities
Developing sustainable processes for:
1) addressing potential risks and threats,
2) developing and maintaining controls to mitigate those risks, and
3) providing reasonable assurance that significant risks are managed in accordance with relevant and documented policies; encompasses risk identification, measurement, assessment, mitigation, retention, monitoring, and reporting
Conforming with laws, rules, regulations, prescribed practices, internal policies and procedures, or ethical standards
Credit unions now have access to Quantivate’s industry-leading technology with CUNA Compliance Management Systems.
Credit Union Compliance Management System™, offered as a benefit of CUNA and 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 PLUS™ 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 Quantivate’s full suite of GRC solutions, which includes software for enterprise risk management, vendor management, business continuity, IT risk management, and more.
See Other GRC Management Tools to learn more.
To fully leverage GRC as a strategic advantage, credit unions need to consider their ability to integrate and centralize management activities. Why? An integrated, technology-enabled approach to GRC:
These benefits are only possible when credit unions have a single system and consistent processes for uniting their GRC data, procedures, and task management.
Quantivate’s platform provides built-in integration between all software products, which means that processes, controls, action items, laws and regulations, and other data points can flow between user groups in your organization. This flexible data architecture enables:
Used separately or in combination, each software module features centralized processes and data storage, task management, and flexible workflows to enhance visibility and reduce the time and money spent on management solutions. Users that implement multiple products unlock deeper integration and the potential for greater efficiency and agility.