Following its June Leadership Conference, 100% credit union-owned CUSO CU*Answer will be running successive initiatives meant not only to see who can develop a way to account for the cost of compliance, but who can implement the best template into their credit union’s operations.

“Last year during our CEO Strategies meeting, a number of CEOs said that the cost of compliance was killing their credit union,” said Jim Vilker, NCCO and VP of Professional Services. “Our internal AuditLink team took that as a challenge to work with credit unions to determine a way to gauge their cost, and execute tracking it. Helping credit unions track overt costs like forms, training, BSA reviews and the sort is important, but also identifying and tracking covert costs like examination management, third party risk assessments and review and assimilation of new and changing regulations is also key.  These are the things we want to work with credit unions to think about and plan for.”

These initiatives will be extensively outlined at the June Leadership Conference in Grand Rapids, Michigan.