Credit Unions Compliance Software
Financial institutions face demanding compliance requirements. Remaining focused on ethics and compliance can help mitigate risk while you remain compliant.
Occupational Fraud in Credit Unions
Financial institutions are hit hard by occupational fraud – the most costly and most common form of financial crime in the world. These entities are under threat of cyberattacks, data breaches, theft, corruption and more. Today’s compliance standards continue to evolve and it’s up to financial institutions to continue to adapt to avoid the ever-increasing threat of compliance risks and serious repercussions.
Credit unions must maintain robust compliance programs to meet a number of regulations to avoid penalties and reputational damage:
- The Financial Consumer Agency of Canada (FCAC) has regulations in place to protect the rights and interests of consumers.
- The National Credit Union Administration (NCUA) regulates credit unions in the United States, ensuring they comply with regulations including capital requirements, loan limits, and governance standards.
- Anti-Money Laundering (AML) regulations require financial institutions to establish and maintain effective programs to detect and prevent money laundering and other illicit activities.
- Privacy regulations, such as the Personal Information Protection and Electronic Documents Act (PIPEDA), require financial institutions to establish safeguards to protect consumers' personal information
Maintaining a robust compliance program will ensure credit unions remain compliant with applicable regulatory requirements to avoid penalties and other legal repercussions:
- Credit unions may face fines or other monetary penalties imposed by regulatory agencies for non-compliance with regulatory requirements
- Legal action from regulators, members, or other parties can be issued to credit unions for non-compliance with regulatory requirements
- Non-compliance with regulatory requirements can damage a credit union's reputation and erode public trust in the institution
- Lack of trust and confidence will see members choosing to leave a credit union due to non-compliance with regulatory requirements
Whistleblower hotlines mitigate compliance risks by helping financial institutions identify and address issues before they become more serious:
- A safe and confidential complaint reporting channel encourages employees to speak-up about concerns that might otherwise go unreported. The organization can identify potential risks before they become difficult to address
- Whistleblower hotlines provide an early warning system allowing employees to report violations early on so organizations prevent regulatory violations, reputational damage, and financial loss
- Compliance data monitoring, collecting and analyzing provides valuable insights into potential hot-spots, or compliance risks that organizations can then use to quickly identify patterns and trends, and prevent future violations
Ethics and Compliance Solutions
Frequently Asked Questions
We now have an FAQ list that we hope will help you answer some of the more common ones.
Why do we need this?
WhistleBlower Security is the only ethics and compliance based reporting service provider on the market dedicated to delivering a truly Human Centric Experience. Our flexible and modern Ethics Reporting and Case Management program, IntegrityCounts, has provided organizations worldwide with the best 24x7x365 reporting experience in the marketplace.
Since 2005, WBS has been dedicated to safeguarding hundreds of organizations against risk and fraud globally, while promoting and improving ethical work environments. The IntegrityCounts solution will enhance your organizational integrity and empower both employee and stakeholder contributions to developing an ethical workplace. WBS works with public, private and non-profits to augment, support and enhance cultures of integrity, accountability and transparency.
Who does the report get sent to?
Reports are sent to designated representative in an organization. Once a report has been filed, a notification is sent to an organization’s representative. Reporters are informed as to who their report is being sent to while they are making the report and they will be able to have it redirected if one, or more, of the individuals is implicated in the report.
What is the most common method of identifying fraud in the workplace?
According to the ACFE's Report to the Nations, employee tips are by far the number one method to detecting wrongdoing. So it is crucial that companies provide avenues for employees and vendors to come forward with information.
How is my identity protected?
The IntegrityCounts reporting system is operated by WhistleBlower Security Inc. and is independent from your organization; we do not track IP addresses or subscribe to caller I.D. services. We use the latest in encryption and security technology including firewalls to ensure that our system is secure. You must take care when providing information in your report and ensure that you do not provide personal details or information that will expose your identify if you want to remain anonymous.