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A Case (Study) for Boosting Compliance Capabilities

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No doubt about it, credit union compliance is complicated. Just ask Katie Elliott, vice president of risk management and compliance at Stanford Federal Credit Union.  When Katie was hired two years ago, the $2.6 billion Palo Alto, California, institution had a surprise waiting for her that would positively change the way she manages compliance.

Stanford FCU had just installed ComplySight, the compliance management system offered by PolicyWorks. As Katie learned her new job, she also mastered the ComplySight system. “I can’t speak highly enough of this program and the staff who support it,” she said in PolicyWorks’ recent case study Credit Union Compliance: Managing the Juggling Act describing Stanford’s efforts to boost its compliance capabilities. “I couldn’t have asked for a better resource.”

Stanford serves a highly educated membership base with high service expectations while grappling with the rules, regs and requirements coming in daily from numerous sources. ComplySight’s comprehensive service profile and flexibility, tailored to Stanford’s unique requirements and needs, provides Katie and others who share compliance responsibilities with the tools they need to confidently manage these challenges.

Stanford found that ComplySight has a number of valuable capabilities, all of which are customizable and supported by PolicyWorks’ staff of compliance experts.  The system helps Stanford tackle numerous areas, including:

  • Managing compliance issues on a daily basis
  • Assuring previously distributed marketing materials are compliant
  • Keeping compliance activities top of mind and moving forward
  • Serving as a reliable resource for changing rules and regs
  • Setting the stage for meeting examiners’ expectations head-on

All of these capabilities are accessed through a customized dashboard that compliance executives like Katie control from their desktops. Those same executives can also track progress of peers charged with managing their department’s own compliance requirements, send internal reminders, and keep track of progress for various projects.

The system can generate up-to-the-minute board and committee reports so that everyone charged with compliance maintenance and management have the same facts and figures at their fingertips. Speed bumps along the way are easily managed with a quick phone call or email to PolicyWorks staff – that’s us.

For Stanford FCU, ComplySight has been highly effective. Want to know more? Click here to download the full case study. It might give you insight on ways ComplySight’s capabilities can work for your credit union.

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