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Sample Focus Areas for Compliance Specialist II:


1. ACH Audit


Description: An accredited ACH Professional (AAP) will work with you to successfully complete your required ACH Audit. This is an onsite audit completed in accordance with Appendix Eight of the NACHA Operating Rules. Available to all credit unions.


2. BSA Audit      


Description: Our BSA/AML/OFAC audit is designed to meet the requirement for independent testing of the credit union's BSA program.  It provides a comprehensive review of your policies and procedures, as well as risk-based testing to provide reasonable assurance of compliance with applicable federal regulations.Available to all credit unions.


3. Policy Review


Description: Written policies are the backbone of the credit union. Strong, well-written policies provide a source of guidance for decision making and help ensure that goals are met. With this service, we will review the following required/recommended policies to verify compliance with applicable laws, regulations, and rules; confirm consistency between policy and procedure; and make recommendations for modification. Policies included in this review are: compliance; lending (consumer and home equity); SAFE Act; investment; BSA/AML/OFAC; appraisal; ACH; concentration risk; troubled debt restructuring; collections; Reg GG (unlawful internet gambling); security and incident reporting; business continuity and disaster planning; and vendor management.


4. Policy Writing Workshop


You and other credit unions in your area can arrange to collaborate, along with a Compliance Specialist, on writing (or reviewing) the policy or policies of your choice. We will provide a policy template and then work with you--in the group setting but with an end product specific to your credit union--to address compliance as well as consistency between policy and procedures. The number of policies included in your workshop will depend on the type(s) of policy and the workshop length. Available to credit unions with an asset size of $50 million or less.


5.  Internal Audit


Effective risk management, internal controls, and governance processes are critical for a successful credit union. Our internal audit program will help you improve effectiveness and efficiency by providing insight and recommendations based on our analyses and assessment of credit union operations. We perform internal audits on: loan portfolio review; account review; RESPA; Truth in Lending; Truth in Savings; National Flood Insurance Program; or any other area you may need.


6. Supervisory Audit


We provide an independent review of the credit union's financial condition, in accordance with the regulatory requirements for a supervisory committee audit. Member account verification may be added for an additional $150. Available to credit unions with an asset size of $50 million or less.


7. Risk Assessment Facilitation


We will help you write your risk assessments in the area of your choice. Here is just a short list of some the risk assessments we provide: ACH; vendor management; information technology and security; ID theft red flags; OFAC; and authentication in the Internet environment (online banking).


8. Member Account Verification


Credit unions are required to perform a verification of member accounts at least once every two years. We can assist you by performing the verification entirely or assisting with certain aspects of the verification, such as reviewing your procedures, compiling the results, and writing reports.


9. Website or Advertising Audit


We will review your website for compliance with applicable federal and state laws, regulations, and rules. As an option, you may choose to have an audit of your advertising methods instead, which includes the credit union's ads on its website, print and electronic media, rate sheets, newsletters, statement stuffers, bill boards and electronic signs


10.  Services Customized to Your Particular Need


We can provide the customized compliance services your credit union needs-for example: new product or service development; verification and testing of program compliance and staff training for your real estate lending; independent reviews of operations segments (e.g., cash control procedures); or consultation about and responses to regulator or examiner findings.


Let us customize a program that works for you!

Contact Jo Whiting: or (800) 242-0833, Ext. 6044