Ncontracts Case Studies Relieving an ERM Headache: CBC FCU Replaces Multiple Tools (and hours of Administrative Work) with Ncontracts’ ERM Suite

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	Relieving an ERM Headache: CBC FCU Replaces Multiple Tools (and hours of Administrative Work) with Ncontracts’ ERM Suite Ncontracts

Relieving an ERM Headache: CBC FCU Replaces Multiple Tools (and hours of Administrative Work) with Ncontracts’ ERM Suite

Ncontracts

Technology Category	Analytics & Modeling - Process Analytics Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation
Use Cases	Predictive Maintenance Process Control & Optimization
Services	Data Science Services System Integration
Challenge	CBC Federal Credit Union was using multiple systems for vendor management, risk management, business continuity, and audit. This resulted in a managerial and administrative headache for the vice president of enterprise risk management and his staff. Each month, they would spend hours on reporting, trying to get a clear picture of risk by adding together all the pieces. They would generate reports from their vendor management platform and risk management platform, take audit findings from their audit platform, and then try to figure out how to connect the dots of these systems. They would then make their own reports on Excel spreadsheets and Word templates. Read More
About Customer	CBC Federal Credit Union is a financial institution with $500 million in assets. It is located in Ventura County, California. The credit union was facing challenges in viewing risk holistically, compiling and analyzing data in one place, and spending hours cobbling together platform results. They were also dealing with a poor user experience and the hassle of tracking too many logins, passwords, and systems. Read More
Solution	CBC FCU found a solution with Ncontracts’ suite of products, including Nvendor with services, Nrisk, Ncontinuity, and Ncyber. With Ncontracts, data entered into one area is imported into other modules for seamless reporting, providing 360-degree views of risk throughout the enterprise with the push of a few buttons. For example, findings and vendor issues are automatically put into risk assessments. Mandatory risk assessments like the Bank Secrecy Act are built into the system, creating subcategorized risk assessments useful to both the examiners and the compliance department. Automated reminders make it easy to keep staff on task, with staff able to access the system and enter data with a single click of an email link. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Process Analytics

Application Infrastructure & Middleware - Data Exchange & Integration

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Use Cases

Predictive Maintenance

Process Control & Optimization

Services

Data Science Services

System Integration

Challenge

CBC Federal Credit Union was using multiple systems for vendor management, risk management, business continuity, and audit. This resulted in a managerial and administrative headache for the vice president of enterprise risk management and his staff. Each month, they would spend hours on reporting, trying to get a clear picture of risk by adding together all the pieces. They would generate reports from their vendor management platform and risk management platform, take audit findings from their audit platform, and then try to figure out how to connect the dots of these systems. They would then make their own reports on Excel spreadsheets and Word templates.

About Customer

CBC Federal Credit Union is a financial institution with $500 million in assets. It is located in Ventura County, California. The credit union was facing challenges in viewing risk holistically, compiling and analyzing data in one place, and spending hours cobbling together platform results. They were also dealing with a poor user experience and the hassle of tracking too many logins, passwords, and systems.

Solution

CBC FCU found a solution with Ncontracts’ suite of products, including Nvendor with services, Nrisk, Ncontinuity, and Ncyber. With Ncontracts, data entered into one area is imported into other modules for seamless reporting, providing 360-degree views of risk throughout the enterprise with the push of a few buttons. For example, findings and vendor issues are automatically put into risk assessments. Mandatory risk assessments like the Bank Secrecy Act are built into the system, creating subcategorized risk assessments useful to both the examiners and the compliance department. Automated reminders make it easy to keep staff on task, with staff able to access the system and enter data with a single click of an email link.

Impact #1	CBC FCU is better prepared to navigate shifting economic and regulatory conditions thanks to key performance indicators that help the credit union determine where it wants to go and how it will get there.
Impact #2	Administrative work reduced dramatically. Rademaker no longer has to constantly remind and cajole staff to work on risk assessments.
Impact #3	Make updates without logging in. Rather than remember a variety of passwords and systems, staff can simply click on an email notification to enter data—even participants who aren’t in the system like auditors.

Impact #1

CBC FCU is better prepared to navigate shifting economic and regulatory conditions thanks to key performance indicators that help the credit union determine where it wants to go and how it will get there.

Impact #2

Administrative work reduced dramatically. Rademaker no longer has to constantly remind and cajole staff to work on risk assessments.

Impact #3

Make updates without logging in. Rather than remember a variety of passwords and systems, staff can simply click on an email notification to enter data—even participants who aren’t in the system like auditors.

Benefit #1	Time Spent on Report Generation Before Ncontracts: 3 hours a month spent on report generation. With Ncontracts: 15 minutes a month spent on report generation.
Benefit #2	Save on cost of one full-time employee. Outsourcing onerous vendor due diligence document collection and analysis eliminates the need for an additional employee.

Benefit #1

Time Spent on Report Generation Before Ncontracts: 3 hours a month spent on report generation. With Ncontracts: 15 minutes a month spent on report generation.

Benefit #2

Save on cost of one full-time employee. Outsourcing onerous vendor due diligence document collection and analysis eliminates the need for an additional employee.

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Overview

Relieving an ERM Headache: CBC FCU Replaces Multiple Tools (and hours of Administrative Work) with Ncontracts’ ERM Suite

Operational Impact

Quantitative Benefit