To hire or to outsource – a compliance consideration

 

I’ve had some great conversations with credit unions this week regarding their consideration to hire knowledgeable compliance staff, or to outsource many compliance functions to third party experts. Either option could be an appropriate choice depending upon the credit union.

In pre-internet days, it was more practical for a credit union to hire or train a staff member to ensure compliance requirements were being met. This was partially due to the physical presence of the individual at the credit union, and partly because the compliance burden wasn’t so significant.

Unfortunately, as regulatory compliance rules expand, and additional regulators get into the mix, it is hard for one individual to be an expert on all compliance matters.

Read the full article at CUInsight.