5 Tips to Jump Start Credit Union Compliance in 2012

For anyone dealing with compliance issues, the beginning of the year is a time to plan, prepare and schedule projects. There are so many regulations and changes to track that the little details can easily become lost; but those little details can cause big headaches later in the year. As you prepare for the year ahead here are a few tips to make compliance more manageable:

1. Be Proactive
   Regulatory changes can be overwhelming, so tackle the issues before they tackle you. Research what the new requirements will be and how they will affect your credit union before they take effect. Determine which key employees will be able to help you implement the new requirements and let them assist you in transitioning your credit union to comply.
   
   
2. Line Up Your Resources
   Find sources for information you can trust and experts to offer advice; the InfoSight website is a great start! Knowing where to obtain information on regulatory changes that are relevant to your credit union is half the battle. These sources also offer tips and guidance to make compliance easier for you.
   
   
3. Enhance Your Knowledge
   Take time to read and understand regulatory issues that affect the credit union industry. In the last few years there have been so many regulatory changes that it can be difficult to keep up with everything, and once you fall behind it is difficult to get ahead again. Take time weekly to read articles and information that helps you to be prepared for the issues that your credit union will face. Be involved with your league and proactive in issues that need your representation, input and support.
    
4. Schedule it
   Enter important compliance dates on your calendar. As the year progresses make sure you continue to add and update new events so that you have reminders and a way to follow up on the events. The calendar can help in reporting the compliance projects progress and at year end the calendar will represent what you have accomplished.
    
5. Prepare
   Organize and arrange your documents and resources so that for reviews and audits you are prepared before the auditors pull into the parking lot. Have a game plan in place of who will be able to answer questions and provide assistance so that everything progresses smoothly. For external auditors this can save the credit union money; and for regulatory audits makes completion of your audit easier.

These tips should give you a jump start on 2012 compliance issues. This New Year brings new beginnings and new opportunities and the year ahead looks to be busy for the credit union industry. If you are feeling overwhelmed and looking for compliance assistance we can help - just contact us.