Garbage In, Garbage Out: Credit Union Examiners Insist on Data Validation Audits
BY CINDY WILLIAMS
The increasing integration of technology into credit unions’ compliance efforts is opening CUs to greater scrutiny by examiners. What exactly are they looking for? CUB’s compliance expert breaks it all down to make IT-centric questioning during exams less stressful and intimidating for your staff.
If you rely on software to comply with Bank Secrecy Act, Anti Money Laundering or Office of Foreign Assets Control regulations, BSA/AML examiners are likely to want a peek under the hood of your technology. This demand could challenge credit union staff who are not accustomed to answering IT-centric questions during exams.
Credit unions use a large and growing number of tech solutions, such as Verifin or Bankers Toolbox, to apply...