During our analysis, we typically perform a two-day, on-site evaluation of the risk matrix from a practical point-of-view, reviewing your organization’s existing policies and/or controls currently addressing the identified risks, and specifically seeking evidence of control weaknesses. The final recommendations from CU Rx include strategies and tactics for improving the policies, procedures, and controls. This process typically takes about four weeks to complete.
The review is summarized and divided into both a regulatory requirements summary and a best practices summary, so your credit union’s supervisory committee, management or board can best prioritize your customized plan of action. We do this professionally every day, so we know what to look for and how to correct or enhance risk management and compliance.
When you turn to CU Rx for your compliance issues, you can trust that we serve as your internal auditor and compliance officer during your risk and compliance review. We’re working for your credit union, not the agencies that are evaluating your credit union. And because we review and audit a wide scope of regulations and best practice topics, we know what risk and compliance issues to search for at your credit union.