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CUSO launches CU Rx risk management services
JACKSON, Mich. (4/21/11)--CP Financial Services LLC, a credit union service organization (CUSO) of $323-million-asset CP FCU, Jackson, Mich., has launched CU Rx, a new risk management and compliance service created to exclusively serve credit unions, and a companion website. CU Rx offers review and audit services with risk management, fraud, compliance, and regulatory best practices solutions. It also offers credit unions an alternative to hiring legal firms or accounting firm auditors to complete audits by providing lower cost expertise. “We know from personal experience it’s difficult for credit union executives to find the time necessary to go through the process of a quarterly or annual risk management review process,” said CU Rx President John Crist, who also serves as president/CEO of CP FCU. “It’s no secret that keeping up with new regulations or changes is a tough chore, but it’s critical for the protection and health of any credit union’s reputation and operational success.” After CU Rx conducts a review and audit, the CUSO produces a risk matrix exposing the client’s vulnerabilities and areas of non-compliance. The CU Rx staff evaluate the credit union’s existing policies and controls from the identified risks, and look for control weaknesses. The final recommendation includes strategies and tactics for improving those policies, procedures and controls. Training also is offered to ensure the credit union’s staff understand compliance on specific regulations and best practices, and to avoid the risks or issues that surfaced in the review process. “From the review process forward, our primary focus is to help each client improve their specific risk management and compliance capabilities,” said Chrissy Siders, vice president of operations for CU Rx. “Customizing the solutions that evolve from the review and audit process is one important way CU Rx delivers that help; it’s not a cookie cutter approach. We show them how to adapt and comply so that the compliance or regulatory best practices fit within their operations. Residual benefits include their time and personnel resources are freed up, and they become much better prepared for annual reviews with National Credit Union Administration and state examiners.”


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