CU Rx Risk Management & Internal Audit

Our clients describe the review process as a positive experience which generates relevant, customized solutions that address their risk management and compliance needs.  With CU Rx’s objective review process, a credit union’s internal and natural subjectivity is eliminated.

The review process generally begins with a risk analysis to identify potential threats and vulnerabilities relating to the specific topic under review. The output from the analysis produces a risk matrix showing key vulnerabilities and areas of non-compliance.  The review process is very comprehensive and accurate. 

During our analysis, we typically perform a two-day, on-site evaluation of the risk matrix from a practical point-of-view, reviewing your organization’s existing policies and/or controls currently addressing the identified risks, and specifically seeking evidence of control weaknesses.  The final recommendations from CU Rx include strategies and tactics for improving the policies, procedures, and controls. This process typically takes about four weeks to complete.

The review is summarized and divided into both a regulatory requirements summary and a best practices summary, so your credit union’s supervisory committee, management or board can best prioritize your customized plan of action.  We do this professionally every day, so we know what to look for and how to correct or enhance risk management and compliance.