Michigan Risk Management, Compliance CUSO Makes its Debut
Credit unions looking for assistance with risk management and compliance have a home-grown solution to turn to.
The $323 million CP Federal Credit Union in Jackson, Mich. has formed CU Rx, a risk management and compliance CUSO through its subsidiary, CP Financial Services LLC. CU Rx will offer review and audit services with solutions to improve risk management, fraud, compliance and regulatory best practices.
After conducting the review and audit for a credit union, CU Rx said the output from the analysis aims to produce a risk matrix exposing the client’s vulnerabilities and areas of non-compliance. The CUSO staff then evaluates the credit union’s existing policies and controls from the identified risks, and specifically seeks evidence of control weaknesses. The final recommendation includes strategies and tactics for improving those policies, procedures and controls.
According to CU Rx, training is also offered to ensure the credit union’s staff understands compliance on specific regulations and best practices, and to avoid the risks or issues that surfaced in the review process.
“We know from personal experience it’s difficult for credit union executives to find the time necessary to go through the process of a quarterly or annual risk management review process,” said CU Rx President John Crist, who also serves as president/CEO of CP FCU.
Crist said the launch of CU Rx is timely given the regulatory landscape for credit unions.
“It’s no secret that keeping up with new regulations or changes is a tough chore, but it’s critical for the protection and health of any credit union’s reputation and operational success,” he said.