NCOMPLY CASE STUDY: Direct Federal Credit Union Cuts Compliance Research Time in Half with Ncontracts’ Ncomply
Company Size
1,000+
Region
- America
Country
- United States
Product
- Ncontracts’ Ncomply
Tech Stack
- Compliance Management Software
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Regulatory Compliance Monitoring
Services
- System Integration
About The Customer
Direct Federal Credit Union is a financial institution based in Needham, MA. The credit union has $13.8 billion in assets and relies on decentralized compliance, where compliance responsibilities are delegated to senior management throughout the credit union. This method ensures the institution is using an enterprise-wide approach to compliance, but it also adds organizational challenges. Documentation, policies, and procedures were kept in Excel files throughout the credit union, making it hard to be certain the most up-to-date version was being used. Task management was also a chore, with regular email reminders getting lost.
The Challenge
Direct Federal Credit Union was struggling with managing compliance using manual processes. The institution relied on decentralized compliance, where compliance responsibilities were delegated to senior management throughout the credit union. This method, while ensuring an enterprise-wide approach to compliance, added organizational challenges. Documentation, policies, and procedures were kept in Excel files throughout the credit union, making it hard to be certain the most up-to-date version was being used. Task management was also a chore, with regular email reminders getting lost. Researching NCUA rules and answering management questions could take anywhere from 3 to 20 hours, depending on the complexity.
The Solution
Direct Federal Credit Union implemented Ncontracts’ Ncomply, a comprehensive compliance management software application that fully integrates with Ncontracts’ entire suite of products. Ncomply centralized compliance management at Direct Federal, solving common compliance management pain points. All of Direct Federal’s compliance documents are now stored in one secure location, ensuring all departments are working off unified and up-to-date documentation. The software sends automated reminders to staff who need to complete tasks. Ncomply provides turnkey research that’s easily digestible. Lyon and other credit union staff can quickly locate a synopsis and gain access to the full rule, providing organization-specific analysis of how it will impact his credit union. Ncomply also provides updates on rules and regulations, ensuring he never misses an important change—and he only gets updates relevant to his institution.
Operational Impact
Quantitative Benefit
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