ROCKVILLE, Md. NeighborBench, a compliance start-up serving a number of credit unions, has won a U.S. patent protecting aspects of its automated compliance system known as CRISP, or Compliance Risk Information Systems and Platform.
CRISP is a hybrid system that uses technology to look closely at a broad array of compliance requirements, then provides referrals to humans to review, according to Ken Wolff, president of the company. It monitors credit unions for asset liability management; lending, safety and soundness; NCUA and Consumer Financial Protection Bureau rules, Bank Secrecy Act, Home Mortgage Disclosure, Community Reinvestment, and dozens of other rules and regulatory requirements, said Wolff.
The patent details a new automated process and system for assessing compliance risk for credit unions and banks. The patent addresses certain unique capabilities of the CRISP questionnaire process, assessment of risk derived from disparate sources of information, automated scoring, scheduling, notification, request for artifacts from individual roles within the institution, and alerts to designated parties as well as aspects of the dashboard interface.
The company provides compliance services for dozens of credit unions, including: Denver Community CU, Mid-Atlantic FCU, Sooper CU, Community Choice CU, Atlantic City FCU, Department of Labor FCU, First Education FCU, Justice FCU and Money One FCU.
