CU*Answers Announces ERM Strategy

CU*Answers, the 100% credit union-owned CUSO, announced that it is developing a full Enterprise Risk Management (ERM) strategy to be built into its CU*BASE® core data processing software.  The software update is being developed in conjunction with AuditLink, CU*Answers’ auditing and compliance managed services division, as well as with CU*Answers’ internal writing team.

“Today, credit unions are being pressured by auditors and third parties to identify their ERM program,” said Randy Karnes, CEO of CU*Answers.  The update release is slated for Fall of 2012, and includes tools to monitor credit risk, interest rate risk, transaction risk, compliance risk, liquidity risk and concentration risk.  Karnes continued, “NCUA wants credit unions to be able to demonstrate a grasp of portfolio risks and trends. We want to give credit unions the tools to drive down the cost of risk mitigation.”