Credit Unions & Mutuals

Challenge

Mutual (Credit-Unions, Co-ops, Building Societies, etc.) have to comply with financial regulations while providing their members with a value for money, high quality service.

Examples of where the GRC-Maestro platform can help Mutuals achieve and prove compliance at a low cost include:

• Fit & Proper – manage the governance of Fit & Proper (employees in-scope, record keeping, training requirements, record keeping, etc.)
• Anti-money Laundering (AML) – reporting KPIs for senior management, assessing AML requirements/risks, resourcing and monitoring results.
• Cyber-security – monitor all systems used by the firm and their current cyber-security preparedness, flag risks/weaknesses for resolution and provide senior management with cyber-security assurance KPIs
• Outsourced services – monitor and manage outsourced SLAs for all outsourced services, identify shortfalls and remedial action

GRC-Maestro gives Mutuals, and their Directors, the ability to control and manage both existing and proposed regulatory requirements by automating manual checks and recordkeeping.

Maestro-Solution

Despite their focus on delivering social benefits, Mutuals are not immune from the wider challenges of financial services:

• Cost pressures – Mutuals are not “for profit”, but they can’t survive if they are loss making, so every dollar counts. GRC-Maestro is a low-cost alternative to paying for high end and expensive systems.
• Regulatory requirements – increased regulation is impacting the mutual sector and they need to upgrade their internal processes, procedures and controls to remain fully compliant.
• Flexibility – as new regulations are implemented it is necessary for each mutual to have systems in place that can be easily adapted to the new requirements without expensive upgrades or consultants.

GRC-Maestro addresses the governance, risk and compliance challenges of Mutuals by supporting current and future requirements on a single, low cost, platform.