Cloud-Based Solutions Delivering Real Time Views of Risk & Compliance For Credit Unions
ViClarity Credit Union
ViClarity provides Credit Unions with a complete Enterprise Risk Management (ERM) and Compliance software solution that can fit with any industry standard framework, including COSO, NCUA and others. Traditional ERM processes are often paper based, complicated and time consuming. ViClarity replaces these traditional processes offering a configurable tool that automates the collection and collation of Risk & Compliance data, allowing you to quickly identify, monitor, score and report on Risk & Compliance. Learn how our cloud based solutions can work together to help your Credit Union with all aspects of Risk & Compliance.
Enterprise Risk Management
From assessing individual risks to monitoring key risk indicators (KRI's) and controls, ViClarity brings all of your ERM information together. ViClarity automates your processes to enable officers to spend less time chasing information and more time analyzing the performance of the risk and compliance controls in your Credit Union.
ERM Solution Features:
- Risk & Control Library – Choose from ViClarity’s large range of sample risks and controls which are updated on an ongoing basis.
- Automated Risk Data Collection & Collation – Risk owners input their risk & control data and this information is available for management to view and report on organization wide.
- Report – Provide your stakeholders with the latest information on your organization's top risks. Our system has interactive dashboards and heatmaps so you can review and drive business decisions.
The ViClarity solution comes with pre-populated templates to enable Credit Unions to identify, assess, manage and report on regulatory compliance obligations from regulatory such as the NCUA, COSO and more. See compliance in real-time on ViClarity's color coded live ashboard which allows you to track trends and movement over time.
Compliance Solution Features
- Regulatory Templates – Choose from our large suite of regulatory templates which cover state and federal compliance laws. These templates can be modified to suit each individual organization.
- Real-Time Compliance – Analyze compliance in real time on ViClarity’s live dashboards allowing for real time identification of non-compliance. Trackable actions can be assigned and managed through the system.
- Satisfy The Regulators – Prove compliance to regulators and present compliance reports to the board with one click, highly configurable reports and dashboards.
Third-party risk is a hot topic for regulators. When a Credit Union outsources an activity to an outside vendor it can introduce new and/or increased risk to the organization. Vendor Management is all about identifying, assessing, measuring, monitoring and controlling those risks. ViClarity's Vendor Management solution enables you to have all your vendors, contracts and reviews in one central place eliminating duplicate spreadsheets and minimizing the manual effort involved in collating a vendor's information.
Vendor Management Solution Features
- Automated Vendor Tasks – Spend less time reviewing answers vendors fill in on spreadsheets by automating the process on ViClarity. The system will flag areas of concern saving you time trying to find them on spreadsheets.
- Higher Compliance – Ensure higher compliance rates by mapping vendor controls and assessments to regulations and internal policies.
- Vendor Classification – Identify your most critical vendors and their associated risks through our intuitive and third party risk assessments.
ViClarity's end-to-end Cybersecurity assessment tool enables organizations to identify, analyze and prevent cybersecurity breaches in their businesses. The tool is pre-populated with the full suite of either the FFIEC or NIST controls which can be easily configured to suit your Credit Union. The results of assessments against the mitigation controls are shown on a grid view dashboard where areas of concern can be easily identified, actions can be created and tracked and reports generated.
Cybersecurity Solution Features
- Cyber Risk & Control Library – Choose from ViClarity’s large range of sample risks and controls mapped to the FFIEC and NIST frameworks.
- Analyze and Resolve – The solution allows you to identify and detect your cyber risks so you can analyze them in full and assign actions to resolve any issues.
- Ongoing Prevention – Identify your cybersecurity maturity levels and monitor mitigation controls against threats on an ongoing basis.
ViClarity's Branch Certification solution allows you to manage, track and monitor tasks which are required to be completed and audited at the Credit Unions branch level in order to minimize risk. ViClarity tracks the certification status of these tasks in once centralized location. Tests are completed electronically by individuals at branch level and results are presented on a live heat map dashboard where areas of concern can be identified.
The information collated in ViClarity can be viewed for the Credit Union as a whole or on a branch by branch level.
Branch Certification Solution Features
- Automated Branch Management – The automated management of tasks allows you to quickly identify tasks in which there are ongoing issues with so you can assign actions to these areas.
- Centralized Solution – ViClarity tracks the certification status of tasks in one location. Tests are completed electronically by individuals at branch level and the results are presented on a live dashboard allowing for quick identification of concern areas.
- Multi-Level Reporting – The information collated in ViClarity can be viewed for the organization as a whole or on a branch by branch level.
Policy Management & Staff Sign-Off
The ViClarity solution incorporates a full document management section which allows managers to upload documents and policies to the system and present them back to end users. Policies can be edited and uploaded through the system and it has a full version control ensuring everyone is aware of the latest version of the policy.
Using this module, management can ensure staff are presented with the correct version of the document at all times. Staff can sign-off that they have read and understand the policy and test questions can be set-up to indicate that the user has read the new policy.
Policy Management Solution Features
- Document Storage – Store an unlimited number of files and versions of policies on the ViClarity platform.
- Policy Sign-Off – Send out email notifications to the relevant staff members to remind them to review new policies. Get live analysis of who has or hasn't reviewed policies.
- Multi-User Access Levels – Pick and choose which employees can review policies by department, job role, location etc.