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.
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