July 17, 2020
(Des Moines, Iowa – July 16, 2020) – Just days into the U.S. coronavirus outbreak, the PolicyWorks team began to hear from credit union leaders who were concerned their business continuity plans (BCP) had not been built for the unprecedented crisis ahead. In response, PolicyWorks mobilized the firm’s international team of compliance experts and technologists to create an online self-assessment tool to very quickly identify problematic BCP gaps and offer guidance on easy-to-implement fixes. The tool first launched in the Irish market and was then adapted for credit unions in the U.S.
On April 8, 2020, PolicyWorks rolled out the self-assessment tool to the firm’s U.S. credit union clients and partner league members. The assessment takes between 30 and 90 minutes to complete and provides the user quick tips throughout the experience. At the end of the assessment, users receive a color-coded report with green, yellow and red highlights to signify their cooperative’s level of competency in various aspects of BCP.
To date, more than 115 credit unions have registered to access the ViClarity BCP Self-Assessment. Dupaco Community Credit Union is among those cooperatives. “We appreciate the opportunity PolicyWorks provided our team to assess our internal BCP processes,” said Todd Link, Dupaco SVP of risk management and remote delivery. “The tool allowed us to determine strengths of our existing plan, as well as opportunities for improvement moving forward.”
PolicyWorks clients and partner league members have until September 1, 2020, to access the tool for free. Non-partner credit unions interested in learning more about the ViClarity BCP Self-Assessment are asked to email ViClarity@policyworksllc.com.
The assessment was created inside PolicyWorks’ governance, risk and compliance (GRC) technology platform, ViClarity. The tool being offered is a scaled down version of the full-service platform that allows users to identify, score and monitor a comprehensive set of GRC issues. Even though each credit union’s experience is fully customized to their cooperative’s individual needs, the ViClarity onboarding process is quick for most users, ideal for the fast pace at which all GRC pros are moving amid the COVID-19 crisis.
“Expertly developed BCP strategy addresses Black Swan events like the novel coronavirus,” said PolicyWorks CEO Miriam De Dios Woodward. “There’s no reason credit unions should not have access to advanced BCP capabilities to future-proof their cooperatives. For leaders who need to repair BCP holes now, and for those who plan to debrief once the pandemic storm quiets, PolicyWorks and ViClarity will be among their most dependable resources.”
In addition to making the BCP self-assessment tool available to the nation’s credit unions, PolicyWorks hosted a series of open webinar events and is continuously preparing real-time COVID-19 resources and commentary as issues arise. All credit unions, regardless of their relationship with PolicyWorks, are invited to engage with the content at https://info.policyworksllc.com/covid-19.