IT Service Providers Can Assist With Growing Compliance Challenges
Recent issues, including terrorist threats and identity theft, have resulted in a flurry of additional information-security regulations over the last decade. As credit unions walk a fine line between protecting their members' data and ensuring they have the necessary resources to comply with regulations, the high cost of compliance continues to climb year after year. With the NCUA and state regulators' shift toward a risk-focused examination program, the Bank Security Act and IT security compliance are two areas in which IT service providers receive a high volume of questions and provide a great deal of assistance.
Because most CUs do not have a full-time compliance officer on staff, they leverage their local league's resources for guidance and assistance on regulatory requirements. However, CUs often reach out to IT service providers for assistance during the implementation phase of critical IT initiatives.