Salary and benefits continue to be a significant operational cost to credit unions. At a time when most, if not all small to mid-sized credit unions are taking a hard look at increasing operational efficiencies, considering an alternative to hiring additional staff should be top-of-mind.
Credit unions are now finding value in outsourcing certain areas of their compliance operation. The goal is to retain their current compliance staff, while (1) replacing those who have moved on or retired with outsourced assistance or (2) transitioning current staff to other areas with a better fit. Both options can provide significant improvement to credit unions looking to optimize their compliance department.
There are many benefits of this “mixed resources” approach. Read on to see how $800M Christian Community CU benefited from outsourcing certain areas of their compliance function.