Ncontracts > Case Studies > Relieving an ERM Headache: CBC FCU Replaces Multiple Tools (and hours of Administrative Work) with Ncontracts’ ERM Suite

Relieving an ERM Headache: CBC FCU Replaces Multiple Tools (and hours of Administrative Work) with Ncontracts’ ERM Suite

Company Size

200-1,000

Region

America

Country

United States

Product

Ncontracts’ ERM Suite
Nvendor
Nrisk
Ncontinuity
Ncyber

Tech Stack

Risk Management System
Vendor Management System
Business Continuity System
Audit Platform

Implementation Scale

Enterprise-wide Deployment

Impact Metrics

Cost Savings
Productivity Improvements

Technology Category

Analytics & Modeling - Process Analytics
Application Infrastructure & Middleware - Data Exchange & Integration

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Use Cases

Predictive Maintenance
Process Control & Optimization

Services

Data Science Services
System Integration

About The Customer

CBC Federal Credit Union is a financial institution with $500 million in assets. It is located in Ventura County, California. The credit union was facing challenges in viewing risk holistically, compiling and analyzing data in one place, and spending hours cobbling together platform results. They were also dealing with a poor user experience and the hassle of tracking too many logins, passwords, and systems.

The Challenge

CBC Federal Credit Union was using multiple systems for vendor management, risk management, business continuity, and audit. This resulted in a managerial and administrative headache for the vice president of enterprise risk management and his staff. Each month, they would spend hours on reporting, trying to get a clear picture of risk by adding together all the pieces. They would generate reports from their vendor management platform and risk management platform, take audit findings from their audit platform, and then try to figure out how to connect the dots of these systems. They would then make their own reports on Excel spreadsheets and Word templates.

The Solution

CBC FCU found a solution with Ncontracts’ suite of products, including Nvendor with services, Nrisk, Ncontinuity, and Ncyber. With Ncontracts, data entered into one area is imported into other modules for seamless reporting, providing 360-degree views of risk throughout the enterprise with the push of a few buttons. For example, findings and vendor issues are automatically put into risk assessments. Mandatory risk assessments like the Bank Secrecy Act are built into the system, creating subcategorized risk assessments useful to both the examiners and the compliance department. Automated reminders make it easy to keep staff on task, with staff able to access the system and enter data with a single click of an email link.

Operational Impact

CBC FCU is better prepared to navigate shifting economic and regulatory conditions thanks to key performance indicators that help the credit union determine where it wants to go and how it will get there.
Administrative work reduced dramatically. Rademaker no longer has to constantly remind and cajole staff to work on risk assessments.
Make updates without logging in. Rather than remember a variety of passwords and systems, staff can simply click on an email notification to enter data—even participants who aren’t in the system like auditors.
Custom reporting. Rademaker quickly learned how to modify and save reports to create his own custom version and create his own risks and controls.
Cultural shift to risk optimization. Instead of avoiding conversations about risk because it’s just something else to manage, simplifying risk management has helped promote a “risk optimization” mind set.

Quantitative Benefit

Time Spent on Report Generation Before Ncontracts: 3 hours a month spent on report generation. With Ncontracts: 15 minutes a month spent on report generation.
Save on cost of one full-time employee. Outsourcing onerous vendor due diligence document collection and analysis eliminates the need for an additional employee.