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CUs require a strong compliance program.

Financial institutions face tough compliance demands in a highly regulated and ever-changing environment. They must meet requirements from multiple regulators and show increasing transparency while staying focused on growth and profitability.

The challenge is not only a matter of meeting complex government mandates; compliance breaches have an adverse impact on customer or member loyalty, brand equity, new business and the bottom line. Despite major investments of 25% to 33% of their capital budget to establish and maintain strict compliance standards, financial institutions continue to face alarming incidents of internal and external fraud. A 2016 Point B study of compliance breaches of financial services companies shows that stock prices fell by 6.5% to 9.5% in the month after misconduct was made public, with an average collective cost to shareholders of $1.9 billion per scandal-struck company.

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