League & CUSO Alliance Launches Governance, Risk & Compliance Platform
"This new company will add important implementation tools that are tailored to credit unions of all sizes."
An alliance of credit union leagues and league service corporations, spanning 27 states, launched CU Risk Intelligence, a scalable risk management platform built to support governance, risk and compliance needs.
Announced April 18, 2019, the consortium of credit union leagues and CUSOs — including the Mountain West Credit Union Association, Maryland & DC Credit Union Association, Indiana Credit Union League, Credit Union League of Connecticut, CU Resources (Cornerstone Credit Union League’s service corporation) and CU Solutions Group — announced the joint acquisition of credit union sector rights to AffirmX’s patented risk management and compliance technology. As part of the agreement, the Maryland-based AffirmX continued to provide servicing on all products and retained a minority share of the newly formed CUSO.
On August 29, 2019, the group announced the acquisition of ComplySight — a “do it yourself” software solution that provides visibility, tracking and measurement of credit union compliance activities — from League InfoSight. As part of that transaction, League InfoSight became an investor in the new CURI company.
CU Risk Intelligence combines the knowledge and expertise of three established industry authorities, AffirmX, League InfoSight and CU Solutions Group, to deliver affordable and scalable risk management and compliance solutions to credit unions of all sizes. They help prioritize risk management tasks, remediation and reporting. The applications strengthen credit unions’ overall readiness for audits and provide regulatory updates to maintain credit union compliance.
Dave Adams, president/CEO of Livonia, Mich.-based CU Solutions Group called CU Risk Intelligence a suite of unique, credit union–centric GRC solutions owned by and partnered with state leagues. “This new company has two anchor products that have been validated by more than 300 credit union subscription agreements and a high level of retention. State leagues have always been at the core of funding, building and supporting these products, and that will continue into the future.”
The fee-based governance, risk and compliance tools will complement and align with the existing League InfoSight products, which provides affiliated credit unions with state and federal content and resources for regulatory advocacy and compliance.
“Credit unions expect free resources from their state associations to help with regulatory advocacy and information — League InfoSight continues to be a leader in enabling excellence in those areas,” Adams said. “This new company will add important implementation tools that are tailored to credit unions of all sizes. We often hear credit unions want more than just advocacy and information from their associations; they also want affordable tools to help manage risk and compliance.”
CU Risk Intelligence will soon create additional ownership and distribution alliances for other GRC products, including governance policies, enterprise risk management tools and vendor due diligence — all within a single, integrated platform.