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GRC Technology in Credit Unions

An article titled “Meeting Regulations with Technology” in CU Management’s November 2022 issue features perspectives from RegTech leaders, including ViClarity’s John “Ogie” Sheehy, Global CIO and CEO European Business, on the wave of digitalization that swept across credit unions during the COVID-19 pandemic and how that impacts organizations’ approach to risk and compliance.

“Credit unions are being pressed on all sides to adapt, and they need strong systems that can adapt with them,” said Sheehy in the CU Management article written by Richard H. Gamble, contributing author with CU Management. With the introduction of new technology and the great retirement on the horizon, organizations are facing a new world full of risk and regulations ahead. These new regulations are driving a need for technology that can adapt as quickly as the industry does.

Driving Automation for Efficiency

One of the issues highlighted in the article is credit unions having the same number of resources with added regulations and requirements to juggle, leaving many scrambling to achieve accuracy and efficiency without placing additional strain on their employees. One solution is adding software to automate manual processes and save time.

“[ViClarity] has allowed us to transition from a considerable amount of manual processing and tracking,’ said Bob Schaffer, CEO of the Fresno Police Department Credit Union and ViClarity user. Automation changes the way credit unions approach work. GRC-focused technology removes the painstaking back-and-forth spreadsheets and double or triple checking of data. It provides a clear, accurate, and efficient overview that can be easily managed.

New Roles for Compliance Professionals

The article goes on to explain the benefits of adding automation and RegTech solutions to processing large volumes of data, but it also highlights the new roles compliance officers take on because of those changes. Compliance and IT professionals in credit unions now work closely together to stay on top of regulations and risk. Without continuous monitoring of both regulations and data security, organizations open themselves up to more risk when transitioning to a more digital and cloud-based mode of work. Overall, compliance teams need to be adaptable and proficient in the systems they use and ensure the protection of data and privacy for their organization and their members.

GRC Technology in Action

With the addition of GRC systems that automate, track, and report on previously tedious manual processes, credit unions can make day-to-day business management easier and reduce strain on resources. Vendor management tools were one of the most impactful tools leaders quoted in the article spoke about — and the one they required the most from. The importance of understanding where data is and whose hands it passes through is a critical consideration in the decision-making process when evaluating and onboarding vendors. Having a tool that can accurately monitor and track those data points helps to minimize error and risk for credit unions. The article written by Gamble provides a clear picture of how industry leaders approach acquiring and leveraging software.

Article was originally published in Credit Union Management.

Learn more about ViClarity’s GRC technology solutions for credit unions or request a demo today.

ViClarity is a proud California and Nevada Credit Union Leagues company and a benefit of your Leagues membership. Contact Joyce King to discuss what’s included as part of your dues.

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