Credit Union Executives Get Glimpse Into 2020 Audit Readiness and Due Diligence at SCCUA Forum
‘Mapping Members’ is Key as Loan and Member Growth Continue Slowing
Brea, CA (Dec. 19, 2019) — Credit union CEOs, operations executives and other managers got a special glimpse into the world of “information governance” and the strategic purpose it serves during the Southern California Credit Union Alliance’s (SCCUA) Fourth Quarter Collaboration Forum in Brea, CA on Dec. 12.
Attendees from more than 50 member-credit unions of SCCUA engaged in a round of dialogues and presentations by multiple industry business partners in the latter-half of the quarterly meeting, which gives Southern California credit union leaders an opportunity to see what industry partners can offer to enhance service to credit union members. Alt + F0 Principal and Founder Maria Martinez-Carey was honored to join the networking and discussion portion of the forum.
During one-on-one talks, several executives were receptive to what information governance is, how it relates to the interconnected lifecycle of data assets on members, and the unique way it minimizes risk-liability concerning members’ information. They learned that information governance allows for the curation of key information from databases to increase member value, helping credit unions gain better data value to “map their members” —eventually leading to better financial wellness and stability.
Focusing on Members as Economy Slows
Information governance is increasingly important as the economy slows and materializes into lower rates of growth in loans and membership. Many credit unions will want to place even more focus on serving existing members rather than gaining new entrants into the membership pipeline.
“Many credit union executives are intrigued when they hear about how information governance can lock in higher data-and-records efficiencies,” Martinez-Carey said. “Not many credit unions are currently utilizing information governance. But they are still interested in its forward-looking holistic way of leveraging members’ data, distinctively complying with regulations, and approaching long-term product lifecycles at the highest level.”
The quarterly SCCUA meetings bring together a wide variety of credit union leaders who serve diverse groups of members from all tiers of socio-economic backgrounds and geographies within the greater Los Angeles, Orange County, Inland Empire, Ventura, and San Diego region. SCCUA’s “Together We’re Better” mission supports its vision of providing an ongoing and powerful forum of collaboration and cooperation.
“It all starts with having your due diligence in order,” Martinez-Carey said, noting that Alt + F0’s LOCK software-as-a-service (SaaS) tool focuses on implementing audit readiness for internal management and external third parties. From there, credit unions can strategically work information governance into their operations step by step.
“SCCUA’s quarterly meetings are giving credit union leaders a unique opportunity to collaborate,” Martinez-Carey added. “Alt + F0 was privileged to be involved and show credit unions how information governance is a collaborative tool that they can make a priority in 2020. Information governance is at the heart of the credit union philosophy and stands ready to help credit unions and their members going forward.”
Painting a Visual of Members’ Lives — and Needs
Martinez-Carey was able to show credit union executives that they can scale and mature their data management; ease the regulatory burden of complying with the California Consumer Privacy Act of 2018 (CCPA); increase member data-value with five core operational components; and decrease regulatory examination liabilities, privacy risk and scrutiny on the back end of operations. When Alt+F0’s information governance platform is harnessed in conjunction with data and records-retention efforts, it draws together unique connections between five core operational areas to paint an ongoing visual of members’ lives and current and future needs:
- Records and information management—Implementing best practices for retention of redundancies, obsoletes and trivials (ROTs); compliance with record-retention regulatory requirements; penalty prevention or reputation loss for destroyed information prior to scheduled expiration; and financial loss prevention due to penalties and operational expenses due to re-creating information loss for disaster recoveries or records loss (compliance to 12 CFR 749).
- Business operations and value—Making current financial education programs engaging and robust, and leveraging them for internal operations, business members, and traditional members and households (as well as school districts, colleges or nonprofits with a focus on social programs and efforts).
- Privacy and security—Developing robust community and internal information-security/privacy awareness programs for deeper trust with members. Engage members to learn about what privacy is and apply best practices in their household and/or business operations.
- Information technology—Streamline data migration/classification and identify data source and purpose; scrub and store quality data to prevent breaches or retain redundant or bad data; implement engaging technologies with communities, such as offering classifications of member expenses and technology to help members manage their financial situation.
- Legal holds—Applying systems and operations that classify information for legal or business holds due to mergers and acquisitions, audit/examiner inquiries, and litigation matters.
About Alt + F0 and Maria Martinez-Carey
Maria Martinez-Carey (firstname.lastname@example.org) is founder and principal of Fairfield, CA-based Alt + F0, an Information Governance (IG) solutions provider dedicated to helping organizations build and utilize Information Governance systems to manage and leverage the lifecycle of data through its LOCK software service (SaaS) and other solutions.
Disclaimer: The purpose of this post is to provide education on Information Governance topics. The statements are informational only and do not constitute legal advice. If you have specific questions regarding the application of the law to your business activities, you should seek the advice of your legal counsel.