1st Community Federal Credit Union (1CFCU) is an $385 million credit union headquartered in San Angelo, Texas.
Like other credit unions across the country, 1CFCU became aware of inefficiencies and accountability issues in their audit process that—at least in the area of findings remediation—were problematic, on a couple of fronts.
This is the 5th blog in a series about Artificial Intelligence (AI) in the context of credit union risk and compliance. This series is designed to provide auditors and compliance professionals with a clear understanding of how AI can be applied and managed within their operations.
Artificial Intelligence (AI) is making its debut in just about every industry. Many credit unions have been using AI-powered technologies for years, such as for loan decisioning and cybersecurity.
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Audit and risk management are crucial to the success—and survival—of credit unions.
This is the 4th blog in a series about Artificial Intelligence (AI) in the context of credit union risk and compliance. This series is designed to provide auditors and compliance professionals with a clear understanding of how AI can be applied and managed within their operations.
When you’re protecting something important, you want to defend it well. The Institute for Internal Auditors developed a model that recommends 3 lines of defense:
This is the 3rd blog in a series about Artificial Intelligence (AI) in the context of credit union risk and compliance. This series is designed to provide auditors and compliance professionals with a clear understanding of how AI can be applied and managed within their operations.
Currently, there isn’t a wealth of regulatory guidance around AI. Furthermore, all credit unions will conduct their own AI risk assessments. AI truly is the wild west—the big frontier—when it comes to new credit union technology and best practices.
OnPath Federal Credit Union is a $625 million credit union based in Louisiana. As OnPath grew, its senior leadership recognized that audit and remediation inefficiencies were causing very real bottlenecks that stunted the credit union’s potential for continued growth.
This is the 2nd blog in a series about Artificial Intelligence (AI) in the context of credit union risk and compliance. This series is designed to provide auditors and compliance professionals with a clear understanding of how AI can be applied and managed within their operations.
In many cases, leadership sets the parameters of AI use at each credit union. Leadership may set policy for AI use in major “offense” or “defense” solutions:
This is the 1st blog in a series about Artificial Intelligence (AI) in the context of credit union risk and compliance. This series is designed to provide auditors and compliance professionals with a clear understanding of how AI can be applied and managed within their operations.
What do you think of when someone suggests using AI at your credit union? What role do you see AI playing?
In 2019, Boeing executives announced a plan to eliminate up to 900 quality control inspection jobs. Several years and two high-profile equipment failures later, Boeing is reversing course.
Credit union auditors can find a few takeaways from Boeing’s dramatic reversal.
Hawaii Community Federal Credit Union (HCFCU) is an $800 million credit union headquartered in Kailua Kona, Hawaii.
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