GRAND RAPIDS, Mich. (8/3/12)--CU*Answers, a Grand Rapids, Mich.-based credit union service organization (CUSO), is developing a full enterprise risk management (ERM) strategy to be built into its CU*BASE core data processing software.
The software update is being developed in conjunction with AuditLink, CU*Answers' auditing and compliance managed services division, and CU*Answers' internal writing team.
"Today, credit unions are being pressured by auditors and third parties to identify their ERM program," said Randy Karnes, CU*Answers CEO. "The National Credit Union Administration wants credit unions to be able to demonstrate a grasp of portfolio risks and trends. We want to give credit unions the tools to drive down the cost of risk mitigation."
The update release is slated for this fall, and will include tools to monitor credit, interest rate, transaction, compliance, liquidity and concentration risks.
CU*Answers also announced that its online data processing clients received the new 12.0 software upgrade for its flagship data-processing software, CU*BASE on July 22. The upgrade is the second of three major software upgrades CU*Answers will deploy to its data-processing clients in 2012. It will deliver product enhancements to back office, management, member service and lending areas, said the CUSO.