GRAND RAPIDS, MI – October 25, 2012 - CU*Answers, a cooperative CUSO, announced the release of new groundbreaking functionality to its CU*BASE® GOLD core data processing platform. Interestingly enough, this analytics tool set meets the majority of the recommendations recently issued in a bulletin on Supervisory Guidance published by the Office of the Comptroller of the Currency (OCC) putting CU*Answers clients years ahead of the industry.
Over the last two years Audit Link, the compliance division of CU*Answers Management Services, has completed concentration risk analysis for many credit unions across the country. This analysis includes a comprehensive review of both named borrower concentrations as well as portfolio segments using a proprietary model which includes built in stress testing.
Based upon what was learned from these individual engagements, CU*Answers developed an analytical tool set native to its CU*BASE core platform. According to Jim Vilker, VP of Professional Services, “credit unions are paying third parties upwards of $10K to complete these tests and analytics”. He went on to say, “by nature of our cooperative design we developed the feature functionality necessary for our clients risk management professionals to view the analytics with a single keystroke without spending any additional money”.
Marrying these tools sets with the depth of analytical testing available through Audit Link gives the CU*Answers owners and clients one of the most comprehensive concentration risk evaluations available on the market today.
About CU*Answers, Inc.
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 40+ years ago, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing nearly 1.5 million members and $10 billion in credit union assets. For more information, visit www.cuanswers.com.