How InFront Serves Credit Unions
Credit unions have long been hailed for their customer-centric and accessible approach, making them the financial services institutions of choice for some 100 million Americans. Yet, faced with a dizzying array of new regulations and intensifying competition, the smaller players in particular are struggling to keep up. Where compliance officers exist, they are often forced to wear many different “hats” and oversee multiple departments.
Regardless of the specific regulation or policy, InFront Compliance is positioned to help your compliance team manage all aspects of your vendor and operational risk. That means you can spend more time doing what you do best: serving your community.
We reduce your risk by:
- eliminating your compliance blind spots by ensuring you send the appropriate assessments to each vendor
- ensuring that assessments are automatically updated as regulations evolve
- enabling you to quickly identify compliance gaps for each vendor
- creating an auditable record of all vendor responses
- incorporating monitoring tools for risk remediation and ongoing compliance
We simplify the compliance process by:
- creating, maintaining, and updating vendor assessments for each regulatory issue
- providing a straightforward interface that all departments will feel comfortable using
- including side-by-side vendor comparison functionality to quickly evaluate compliance status
- offering collaboration tools for more efficient communication with your vendor
- delivering consolidated vendor response reporting for faster decision-making
We help you grow by:
- accelerating vendor deals without compromising on compliance
- shielding your bottom line from unnecessary vendor risk
- streamlining operations and enhancing productivity
- enhancing interdepartmental collaboration and transparency
All Departments Benefit from InFront!
- Enhanced oversight of how compliance initiatives are being handled by internal team members and vendors alike
- Ability to continually manage internal and third-party compliance, making annual or bi-annual examinations less costly and onerous.
- Automatic system updates that enable you to minimize time spent managing compliance changes .
- Confidence that team is always using the most current assessments and that no monitoring is slipping through the cracks.
Procurement & Sourcing
- Quickly compare prospective vendors’ compliance assessment results during sourcing for quicker decision-making..
- Identify your prospective vendor’s compliance gaps quickly to accelerate remediation and close contracts sooner.
- Monitor your vendor’s remediation progress to ensure compliance with the contract terms.
- Facilitate seamless interdepartmental communication and transparency during handoff to the relevant stakeholders.
- Fewer personnel hours required to distribute and track compliance assessments and receive/evaluate results.
- Greater certainty when it comes to compliance tasks associated with procurement, as assessments generate dynamic response sets based on business cases.
- Reduction in contract management risk.
- Confidence that team is always using the most updated assessments and that no monitoring is slipping through the cracks.
- Greater transparency into the vendor’s compliance position as contract negotiation occurs, allowing for better tailoring of contract language.
- Assurance that your team is always using the most updated assessments and no monitoring is slipping through the cracks.
- Reduced redundancy in compliance representations and warranties through appended reports to the contract.
- Increased comfort that you have defensible positions in case of compliance-related litigation or regulatory review with InFront’s reporting and audit trail tools.
- Confidence that team is always using the most up-to-date assessments and that no monitoring is slipping through the cracks.
- Internal team can also use the same assessments to audit vendors for security and other compliance independently, and compare the report results to identify best practices with security requirements.
- Reports that provide a defensible position in the case of any suit or claim regarding client’s data security practices and third-party risk management program.
- Ability to deliver security training to personnel and annual certification of security training in preparation for ISO audits.
- Quickly review compliance elements of the proposed vendor contracts to determine how third-party technology needs to be integrated.
- Reduce time needed for IT staff to evaluate levels of data sharing.
- Greater cross-function collaboration with InFront’s enhanced delegation tools reduces the burden on IT team to respond to all assessment questions.
- Review and respond to assessment questions faster to allow the IT team to focus on building and maintaining technology.
Current Assessment Library
- General Vendor Due Diligence
- General IT Due Diligence
- NIST 800-171
Credit Union Bundle
- NYS DFS Cyber Regs
- Nonpublic Information Use Under GLBA
- Third Party Mortgage Origination Regulations, including
the TILA, Reg. Z, RESPA, and Reg. X, the HDMA and Reg. D,
and reporting rules under ECOA and Reg. B
- Mortgage Servicer Rules in RESPA, Reg X, TILA, and Reg. Z
- Remittance Transfers in EFTA and Reg. E
- TILA and Reg. M in Consumer Leases
- Savings Accounts in TISA and Reg. DD
- Debt Collection in FDCPA
- Consumer Credit Reports in Transactions under FCRA
- FTC’s Telemarketing Sales Rule and the FCC’s TCPA
- Open-End, Non-Home Secured Credit under TILA and Reg. Z
- Regulation of Third-Party Card Issuers by TILA and Reg. Z
- Military Lending under MLA and DOD Rules
- ECOA and Reg. B