Customer Story

UFCU Successfully Attains FFIEC Compliance Through Ignyte, Mitigating Financial Risk.

COMPANY

UNIVERSITY FEDERAL CREDIT UNION (UFCU)

EMPLOYEES

600+

SOLUTION

FFIEC Compliance to minimize Financial Risk

INDUSTRY

Financial Services

The Problem

Recognizing the need to advance UFCU’s IT audit capabilities, the organization initiated a comprehensive IT audit as the logical first step. The Supervisory Committee sought a solution to unify the various security components and comprehensively assess the organization’s security posture. Additionally, the Committee aimed for increased visibility into the IT audit function.

 

“Ignyte provided an added value to you by bringing to light some of the risks and concerns that we needed to focus on in information technology area those are the kind of risks that usually keep me up at night that we are most concerned about. Well, risks reside everywhere, in every organization, in particular financial services industry. Our department has been working with Ignyte for at least two years now. Information technology is a really important piece of audit and that’s an area we were really lacking but Ignyte has given us a lot of knowledge and a lot of support.”

Laura Rea

Senior Manager Assurance

The Solution

After a number of IT audit providers were evaluated, Supervisory Committee selected the Ignyte team to focus on conducting and optimizing the initial organization-wide baseline IT audit. Using one of the many frameworks embedded within the Ignyte Assurance Platform, UFCU was able to effectively streamline their audit processes. Ignyte’s platform extrapolated and mapped content from one framework to another and provided UFCU with the ability to create a repeatable audit process. By establishing a consistent audit process workflow, UFCU reduced both resources and the time required to complete future audits. The Ignyte team solidified the new workflow by supplying a robust knowledge transition training to the entire audit team at UFCU.

100+

hours of knowledge transfer

15%

reduction in IT expenses

25K+

Cost savings and avoidance on internal FFIEC Examination audit

The Result

Knowledge & Assistance

Offered structured knowledge transfer program after the audit. Assisting the UFCU response team to implement the report recommendations, a clear indication that the company is committed to adding value for clients.

Compliance

Compliance continues to evolve as organizations endlessly seek to meet the escalating demands. The regulatory environment will continue to expand, creating burdensome and new requirements for compliance functions. At the same time, stakeholders and senior management will continue pushing for stringent requirements and reports from the compliance function.

Risk Mitigation

Organizations like UFCU use Ignyte Assurance Platform to overcome the new challenges, meet rising expectations of thecompliance function, and lay foundations for future success. Ignyte helps teams to look ahead and anticipate and mitigate uncertainties to enhance business performance.

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