Credit Union Solutions

Today’s credit unions must juggle a variety of priorities, from growing demand for new products and services to attracting the next generation of tech-savvy members. Layer on top of that a regulatory environment filled with uncertainty and the risks associated with cyber security, and it is understandable that credit unions feel the pressure of meeting these challenges with less staff and smaller budgets.

RKL Risk Management helps credit unions tackle the seemingly insurmountable challenges of risk assessment and mitigation. Beyond our long track record of industry experience, what truly sets RKL Risk Management apart is our understanding that developing a sustainable compliance and risk-aware culture can give credit unions a competitive advantage in the marketplace.

Our firm’s strategic approach to developing specialized solutions for our credit union clients helps ease their regulatory burdens and position them for growth and prosperity.

RKL Risk Management Services Tailored for Credit Unions

Internal Audit:

  • Internal audit outsourcing and co-sourcing, covering all business operations
  • Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) audits
  • Financial, operational and compliance audits
  • NACHA rule compliance audit
  • Business process reviews
  • Controls identification and testing

Compliance:

  • BSA/Anti-Money Laundering (AML) training
  • AML system validation
  • Various banking-related risk assessments: Compliance, Gramm–Leach–Bliley Act (GLBA), Red Flag, Fair Lending, BSA/OFAC
  • Retail and business lending compliance reviews
  • Home Mortgage Disclosure Act data validation
  • Process reviews of business units or functional areas
  • Deposit and website compliance reviews
  • Compliance training: Fair Lending, Flood, GLBA/Privacy, Truth in Lending Act, and Real Estate Settlement Procedures Act
  • Project-based consulting

IT Audit:

  • Network penetration testing and vulnerability assessments
  • Network security audits
  • System application audits of all major banking applications
  • IT risk and cyber security assessments
  • Customer privacy/GLBA audits and risk assessments
  • Vendor management audits and risk assessments
  • Disaster recovery/business continuity audits and plans
  • Identity theft/red flag audits and risk assessments
  • AML application data validation

What Sets RKL Risk Management Apart from Other Credit Union Auditors?

Each credit union is unique, thanks to factors like member demographics, product and service demands, management structure and regulatory environment. RKL Risk Management understands this, which is why at the start of each engagement we invest the time to gain a full appreciation of your environment and needs, and develop a tailored risk based audit  plan.

Additionally, RKL Risk Management leverages the expertise of its parent company, RKL LLP, consistently recognized as one of the nation’s top 20 credit union auditors, to offer clients a full range of specialized solutions beyond risk management, from quarterly supervisory committee assistance to business valuations for mergers and acquisitions.

OTHER SERVICES


Compliance

We deliver compliance services tailored to financial institutions to lead you and your team beyond the rigors of regulatory compliance to improved productivity and reduced risk.

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IT Audit – Cybersecurity

We recognize that technology evolves, and with it, related data security risks. We create transparency across your organization regarding the risks involved with your entire IT infrastructure so you can protect your customer’s privacy and mitigate current and future risk.

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Internal Audit

We deliver personalized internal audit services with a risk-based approach We will help you expand your audit across all business functions, and identify risk mitigants along the way – with a minimal number of staff.

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