Each year Ongoing Operations hosts its annual client advisory meeting to listen to our clients concerns, challenges and ideas. While we had realized the compliance pressures had been mounting we were blown away with how bad it has gotten. One client had actually measured and articulated their situation.
The client, a mid-sized Credit Union, had about 200 hours of labor available for R&D, new projects etc. on a monthly basis. Currently, compliance reporting, mitigation, and management work were taking about 70% of the available capacity. Many other clients voiced that they were facing similar struggles. If this ratio is consistent throughout the industry we should be very concerned about Credit Union’s ability to stay on top of the competition.
And the end to increased regulatory pressures is NOT in sight either. As the NCUA begins to focus on Cybersecurity and other IT Security initiatives and with the ever increasing threat list, it seems that this will be the new normal for our industry.
So what should Credit Unions do? Should we give up on R&D and innovation occurring in the technology department? Should we hire more IT people? Should we look for ways to make the compliance piece as efficient as possible? What is the best way to make the compliance responsibility more efficient for IT?
We’ve put together this newsletter to bring you the answers to this question as well as look at many other challenges Credit Union CIO’s are facing.