Regulatory Information Security Compliance (RISC) Associates specializes in helping credit unions and community banks meet regulatory compliance requirements with respect to GLBA 501(b) and NCUA Part 748. We bring deep expertise in banking, regulatory compliance and information security to bear from deep roots in the financial services sector.
Our staff has developed programs, policies, procedures and has conducted audits and assessments at banks and credit unions from de novo's to multibillion dollar institutions. Our clients include retail, banks and credit unions, commercial banks, bankers' banks as well as corporate credit unions. We have presented findings and recommendations to Boards and Supervisory Committees as well as having supported our clients in meetings with examiners.
Vendor Compliance Managerô(VCM) is the result of our regulatory expertise and our hands-on field experience building vendor management programs for banks and credit unions. Having helped remediate MoU's and DoR's, we've seen that common threads among deficient vendor management programs are:
∑Vendor management is practiced inconsistently ∑Policy and procedures are frequently missing ∑Documentation is scattered through the institution ∑Periodic Monitoring is rarely done consistently or on time ∑Contractual language leaves the institution vulnerable and without recourse ∑There is no centralized vendor tracking mechanism
As regulations grow and more is expected of financial institutions in this challenging economic environment, the ability to do more with what we already have is absolutely essential. Productivity and cost-efficiencies are increasingly important in order to keep up with regulatory requirements and examiner expectations. Thus, RISC Associates will continue to build tools to automate the compliance process in a cost-effective and efficient manner.