WOODINVILLE, Wash., October 8, 2019 — This week, Credit Union National Association (CUNA) announced the completion of beta testing for a forthcoming compliance management system (CMS) for credit unions and leagues. This solution is powered by Quantivate technology, which equips credit unions to reduce regulatory burden by automating manual management tasks and accessing up-to-date compliance content.
“As the volume of compliance change continues to grow, so does the speed at which the change needs to get implemented,” Quantivate CEO Andy Vanderhoff said in a recent joint interview with CUNA’s Jared Ihrig. “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 user group of 10 credit unions had the opportunity to test out this automation and other compliance technology features starting in June of this year. Participants included compliance officers, risk management executives, and other credit union professionals from across the country.
“Overall, I’m very impressed with the solution,” said participant Tony Diaz, chief compliance officer at SchoolsFirst Federal Credit Union in California. “I’ve had good experiences with the content and the intuitive nature of the software.”
Their feedback will be a valuable resource as Quantivate and CUNA work together to launch a comprehensive compliance management solution tailored to credit unions’ needs.