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MASC Moments with Corey Prince
Story ID:8420  
Date Posted:  June 16, 2017

by Corey Prince, VP of Innovation and Awareness

Hello and Happy Friday!

I should be relaxed and rested after taking a long weekend vacation in Omaha but unfortunately, I seem to have come back more stressed than before we left. Why? You might ask. Let me tell you. I can now put a big, bold checkmark by the entry on my bucket list that says “8 car pileup”! I can feel the jealousy from here. But, not to worry, it’s not as awesome as it might seem. You really aren’t missing out on anything. Unless you really enjoy insurance paperwork, visits to the chiropractor, and looking for a new car….

The whole experience got me thinking about my topic for this week’s MASC Moments. One would think it would be car insurance, life insurance or health insurance, right? Wrong – I already talked about CUNA Mutual! Instead, please stick with me through this rather rough segue to compliance.

The definition of compliance I am starting with is compliance with the speed limit and compliance with the laws against distracted driving. After all, how is it that a driver can hit another car that is stopped on the Interstate behind other cars and not be compliant with the speed limit or distracted driving? If you guessed that we were the car that was stopped – you would be correct!

I told you it was going to be a rough segue! So, let’s talk about the Compliance you and I are both more familiar with in the credit union world. Today I want to provide you with some information regarding a compliance program that CUAD has been working with for a couple of years – AffirmX.

We all know that if your compliance gets out of control, it can be very time consuming and cumbersome to get it back under control. This is where AffirmX comes in – it is built to help you stay on top of consumer regulatory compliance requirements. In addition, you have a team of experts behind the scenes helping to deliver a more robust compliance solution.

No matter what size your credit union is, there is a solution you can utilize. AffirmX offers an all-encompassing, comprehensive project management solution down to individual BSA, SAFE Act, ACH and website audits - and can be customized in-between depending on your credit union’s individual needs.

In addition, a credit union that uses any of the AffirmX compliance solutions also receives access to a number of complimentary resources to further assist in staying ahead of the game. The Risk Management Manual outlines the compliance review procedures utilized throughout the year and includes a summary of the federal regulatory requirements broken down into an operational how-to manual. Compliance Risk Videos are available for credit unions that outline the most recent changes and hot topics that credit unions should be aware of – there are already 129 episodes available for viewing with more being produced to keep up with the compliance landscape. All are easily searchable, making staying up on compliance news a quick mouse click away. Another benefit is access to the My Toolbox which provides credit unions with a plethora of tools ranging from an ACH Risk Self-Assessment tool to a Business Continuity Plan Tabletop Testing & Scenario Analysis to a Website Compliance Self-Assessment – and many more.

There are already a number of credit unions in the Dakotas that are using the full program and many more that are using the individual audits – I’m sure Amy can wrangle up a testimonial or two.
For more information, please check out the AffirmX link on the CUAD website or call our resident Compliance expert, Amy K at 701-214-9721. She can help you with a FREE demo, pricing and any questions you might have regarding how AffirmX can help your credit union be more efficient with your compliance efforts.

Please check back next Friday for more MASC updates, and have a great weekend!