Interest in Daily Log Management (DLM) services provided by AuditLink, the audit and compliance division of CU*Answers, remains strong. Over the past year, AuditLink has added 15 clients bringing its total to 101. “It’s exciting to see credit unions take advantage of services like DLM,” said Marvin Johnson, AuditLink manager. “These are solutions created to lower the cost of audit and compliance requirements for our clients and being able to do that gives us motivation to expand.”
Daily log management includes reviews of BSA cash logs, OFAC scans, wire transfers, dormant accounts, teller errors, and file maintenance reviews. Employee account reviews are performed on a weekly basis.
Having an independent third-party review transactional activity fulfills a requirement that many credit unions may not have the capacity to meet on their own. BSA/AML compliance can be challenging under normal circumstances and can be compounded by external factors such as what is being experienced in the current environment. Johnson explained, “We believe very strongly in the value that can be garnered from a shared execution model and this has been given even more credence in the midst of current events. We’ve continued to do what we do with the purposeful intent of providing relief to our clients so they can focus on other important aspects of their business. The mantra to the team has been ‘stay vigilant.’”
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 in 1970, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing over 2 million members and $21.5 billion in credit union assets. For more information, visit www.cuanswers.com.