The $2.8 billion State Employees Credit Union of Maryland said it now is using a cloud-based automated compliance management system from Continuity Control of New Haven, Conn.
In addition to interpreting and automating compliance with regulatory changes, the Continuity Control CMS automates business processes such as tracking annual training requirements and disclosure updates that can be leveraged across SECU’s branches and divisions, the company and credit union said in their announcement Monday.
“When a change occurs, the system automatically interprets the impact on our organization and assigns the right task to the right person. Now there’s no question as to whether or not we’re meeting regulatory requirements, and I no longer have to spend an enormous amount of time reading thousands of pages worth of new regulations,” said Sherry Joseph, SECU’s chief compliance and Bank Secrecy Act manager.
Linthicum-based SECU, the state’s largest credit union, joins a list of 150 small to mid-sized community financial institutions using the system, 35 of them credit unions, Continuity Control said.
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