Even the best compliance officer remains largely isolated within their credit union. While peer groups, conferences, and informal exchanges with other credit unions unquestionably aid the compliance officer, there remains a limit to those interactions. This is in contrast to the benefits of a shared compliance officer solution. The credit union gains exponential experience through combined synergistic efforts vs. relying on one individual.
A strong and shared compliance officer solution approach gives a credit union access to multiple applied reviews of key aspects of compliance. It promotes awareness of risk factors in a timely manner as the shared approach draws on numerous other credit unions and their combined experiences. Moreover, as practices are identified that enhance compliance, these efforts are promoted throughout the shared compliance officer mechanism.
Given the ever increasing dynamic nature of compliance, such a program is becoming more than beneficial, but perhaps essential to the success of a credit union in meeting today’s compliance environment.