AffirmX is a compliance, IT vulnerability and enterprise risk support solution for financial institutions (banks and credit unions). In each of these areas, AffirmX uses our CRISP℠ technology platform to communicate with clients about the exchange of information and review of documents, reports, materials and related items, as well as to run tests and conduct interviews as needed. Then, once reviewed by our experts, recommendations can be made, adjustments suggested and new policies/procedures installed to bring the client in alignment with the requirements of their oversight agencies (NCUA, FDIC, etc.).
League InfoSight is an online repository of compliance information available only to credit unions and only to those credit unions who subscribe to their state CUNA credit union league (as long as the credit union league is a participant with InfoSight). While it serves as an online resource, it is incumbent upon credit union personnel to search for needed information without the support of independent personnel reviewing the institution’s compliance policies and other artifacts.
AffirmX has found that 62% of the time, respondents completing the self-assessment questionnaires on our platform answered “unsure,” when given the options of “yes”, “no” or “unsure.” Therefore, it is unlikely that using a tool such as InfoSight alone would be likely to find the areas that were in danger of being found non-compliant. AffirmX, using the CRISP℠ platform in combination with our experts in our Artifact Review Center (“ARC”), is much more likely to find issues and suggest their remedies.
With regard to integration, there is none required. When a AffirmX client has been notified of the need for a new policy, best practice or notice of a regulatory change, AffirmX, if requested by the client, will provide a compliant sample of the change required. Credit unions may also check InfoSight for similar information if they wish.