Like any good solution, the key is fit. The compliance solution should be scalable to meet the dynamic needs and risk factors of the Credit Union while remaining within the Credit Union’s financial capacity and/or constraints. Finally, a good solution must be a fit with respect to the organizational approach of the Credit Union and serve as a strong complimentary partner in the Credit Union’s overall Compliance Management System including key aspects such as monitoring, reporting and detection.
Focusing on the Fit of the solution gives the credit union logical questions regarding any proposed compliance solution. Key questions would include:
· How does the compliance solution fit with my organization structure? What happens if my structure or personnel change?
· How does the compliance solution work with and through my Credit Union to assess and address compliance risk factors?
· How does the Compliance Solution act as a partner with my existing program in promoting effective compliance?
· What reports and/or scoring factors does the Compliance Solution deliver to enable meaningful awareness of compliance risk?
· How well can the Compliance Solution be tailored to fit my compliance risk factors as well as my financial capacity and constraints?
· Does the Compliance Solution adjust to my dynamic needs and how does it accomplish this?
When these and related questions are posed, the solution should give more than just a pat answer, but should provide the Credit Union with sufficient insights to the Compliance Solution that will lead to a meaningful discussion on how the solution fits with the overall compliance strategy of the Credit Union. How fitting is that!
