Is Information Governance Important to credit unions?
What do you know of credit union information governance? Nothing is more important to a credit union than compliance, and one of the biggest components to this is information governance. This term may not be so familiar to those outside of the financial sectors or corporate cultures, but it is something that has become more important with each passing day. Every company, especially credit unions, must contend with a myriad of ever-changing laws, compliance issues, competition, economic uncertainty, and the malicious hackers and criminals that are always a danger to their assets, which contributes to growing concern. Information governance is nothing more than the protocols put in place for any organization to keep its information secure, yet usable. It is being meticulous and disciplined in the collection, management, and output of any information or data in a corporation.
As more credit unions expand their use of fintech, we see a need for them to also bolster their practice of information governance. This has led to the growing need to be more careful with the bulk of data that has been collected. Especially as more states and even the federal government have begun to craft new regulations and controls on how such data can be used, how it must be curated or stored, and of course how to handle the liability issues if an organization is breached. Then there are also the resources used to collect, store, and safeguard this data as a cost to the corporation in comparison to the lifecycle of its usefulness or reliability.
Credit Union Liability Issues
Besides liability issues or the need to stay compliant, we have also seen that when credit unions craft and implement more stringent and careful protocols for their information governance it comes back to that very important shareholder – the member. Protecting the information on your members is also about protecting them from fraud and other abuse. It gives them confidence in your institution when they know that their information can be trusted with your credit union. This is just one more way to build that goodwill and reputation that helps every company survive through the most severe of situations.
There are many instances where it may seem that the data you have is at risk, and this can be very true when dealing with vendors. Oak Tree has been a trusted vendor and we completely understand and respect the need for such controls on sensitive data. Staying compliant doesn't just mean being aware of the law, it is meant to protect all of us and allow us to feel accommodated.
Oak Tree Business Systems has been in the credit union industry for over 37 years, so we can say that we are confident, and encourage all credit unions to use our forms. We comply with both state and federal standards, meet the expectations of each credit union's members and staff, work on each credit union's data processing system (and within their policies), and have an effective compliant forms system.