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
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
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
Let us customize a program that works for
Contact Jo Whiting: firstname.lastname@example.org or
(800) 242-0833, Ext. 6044