cuasterisk.com CU*Answers announces the roll-out of a new service to help clients complete third party due diligence on CU*Answers and partners involved with the cuasterisk.com network.
The “Risk Management Report Generator” is a new Internet-based product which allows CU*Answers, Xtend, Audit Link, WESCO Net, and Lender*VP clients to complete their due diligence on services and products purchased from these CUSO’s. The creation of this product stems from the requirements put forth by the NCUA instructing credit unions to perform due diligence on third party vendor relationships. This tool allows credit unions to keep vital contract information along with legal opinions associated with the correlating contracts. The questions proposed in the Report Generator are modeled directly from the NCUA Supervisory letter and the system will store the assessments. Each year when the assessment is up for review, an e-mail notification will be sent to the CEO.
According to Jim Vilker, cuasterisk.com Network Manager, “Third party due diligence is definitely hitting the radar of regulators and auditors. This is a full vendor management system for credit unions that partner with the cuasterisk.com network. This application allows credit unions to not only complete their due diligence electronically, but to also view how their peers completed the assessment.”Randy Karnes, CEO of CU*Answers stated “We put a stake in the ground at our 2008 Leadership Conference committing to have the lowest cost of compliance in the industry not only for users of our flagship core data processing system, but for all of the services we offer.” This tool is free to use by any credit union purchasing services from the CUSO’s involved in the cuasterisk.com network.
About the Partner
CU*Answers
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 40+ years ago, CU*Answers is a 100% credit union-owned CUSO providing services to credit unions representing nearly 1.5 million members and $10 billion in credit union assets. For more information, visit cuanswers.com.
Lender*VP
Lender*VP delivers to your credit union a team of experienced lending professionals that will take over the task of driving the success of your loan department. The Lender*VP team has years of on-the-street credit union lending experience, combined with an intimate knowledge of CU*BASE tools. We can make sure you know what products you need, get them off the ground quickly, and drive them to success.
WESCO Net
Organized in 2002, WESCO Net is a full-service network technology solutions provider. They
specialize in LAN/WAN design, implementation and management; network security; firewall
management; IP telephony VOIP (voice-over-Internet protocol) solutions; records management;
managed hosting solutions (facilities management), compliance and security audits
(HIPAA/GLBA/SOX); high availability solutions; web site engineering, and hardware sales and
support services. WESCO Net provides services to the education, retail, legal, medical, real
estate, hospitality, and financial services industries as well as court systems and regional
municipalities. Its financial services portfolio includes servicing over 100 credit unions across the
country. Visit wesconet.com for more information.
Xtend
About Xtend (www.xtendcu.com): Xtend, Inc. is a 100% credit union-owned CUSO formed in 2002 with headquarters in Grand Rapids, Michigan. Xtend provides a wide array of managerial, operational, marketing, technical planning and consulting services for credit unions of all sizes. In short, Xtend is an aggregation point for shared resources that allows credit unions to deliver products and services more costeffectively. Their strategic offerings include bookkeeping services, inbound and outbound member contact services, back-office mortgage services, partnered liquidity opportunities, shared branching, compliance monitoring, and insurance services. Xtend provides services for over 100 credit unions representing more than 1.2M members and $8B in assets. The CUSO is currently owned by 56 credit union partners.
