THE WORKS Blog, Credit Union Compliance News & Views

      Rules Help Control the Fun!

      By PolicyWorks · May 17, 2017

      One of my favorite shows of all times is Friends, and my favorite line from the show came from Monica Geller, when Rachel, Joey, Chandler, Phoebe, and Monica were playing Mad Libs (Ross wasn’t there), and true to Monica’s nature, she shouts after the group as they leave, “Rules help control the fun!”.

      That’s how it is for compliance folks. We’re competitive, like rules, but we love to have fun! At least I do. My job is to be that friend like Monica. I want only the best for you, I want your compliance program to be organized, and I want to help you make sure your controls are working.

      And have you noticed you can’t get through life without a little help from your friends (or parents, neighbors, co-workers, plumbers, electricians, auto mechanic, etc.)? In business, we also need our friends, or better known as third-party providers or consultants, to accomplish everything we need to do in order to make our businesses the most successful they can be.

      A few weeks ago I included a short compliance survey for readers of my blog. The results were telling – 64% of respondents tell us they do not have enough compliance resources in-house to conduct compliance audits, including but not limited to required independent audits such as BSA, ACH, and SAFE Act.

      Credit unions are fortunate because they have league services to help support their compliance needs. However, league services vary throughout the nation, and credit unions still have additional compliance needs that PolicyWorks can help with, like offering compliance audit services, league services, federal compliance support, cybersecurity services, and more.

      But let me focus on my friendship offering - we have expertise in the financial services industry that makes us the perfect friend for the 64% of respondents that need help with compliance audits.  Whether you need someone to conduct your required independent testing for BSA, ACH, and SAFE Act, or you need someone to review your lending controls, fair lending status, or deposit procedures, we can help.

      Statistics don’t lie, and neither do your true friends. Let us help you reinforce your compliance controls, and help you identify areas that may need improvement, before your examiner walks in the door. The NCUA included compliance controls in their 2017 Supervisory Priorities – so lean on your friends to help you meet your members’ expectations, and your examiner. Wouldn’t you rather have fun, than stress out by not knowing if your credit union is in good shape? Help is just a phone call (or email) away. Click here to learn more about our Audit & Review Services.

      PolicyWorks Audit and Review Services