CU*Answers, a 100% credit union-owned, cooperative CUSO has created two new contests to help measure the “Cost of Compliance”. The data processing CUSO is looking for volunteers to start analyzing both the overt and covert costs of day-to-day compliance at their credit unions. The CUSO went on to say the following about the compliance contests:

“Over the course of the next two years, AuditLink will hold two contests to develop a template to account for the cost of compliance and then to put it into practice. The first contest begins now and will revolve around getting CEOs, CFOs, and compliance professionals to develop an outline and process to actually account for compliance related costs. We’ll then announce the winners at the November CEO Strategies event.”

CU*Answers has put up a total of $10,000 for the two contests. Each contest will have three winners with first place receiving $2,500, second place receiving $1,500, and third receiving $1,000.