Being a Trusted Advisor: The Wolf Difference
Wolf had been providing internal, information technology (IT), and regulatory compliance audit services to Bridgewater Credit Union since 2016. In 2019, Merrimack Valley Credit Union (MVCU) and Bridgewater Credit Union merged to become a combined entity with assets totaling $1.2 billion. After the merger, Wolf continued the internal, IT, and regulatory audit services for the combined entity. Wolf found that Merrimack Valley Credit Union’s IT and risk management team resources were being stretched too thin to support a financial institution of its size.
Wolf’s discussions with MCVU senior leadership led to an agreement that, while the credit union had strong technical experience to keep their systems up and running, they also had an opportunity for additional staffing to better keep up with industry best practices and the latest regulatory requirements. Wolf also illustrated to leadership that they couldn’t ensure their technology environment would support the institution’s overall strategic growth plans. MVCU needed a more formal plan to enhance their IT governance strategy to support the technology needs of their employees and members.
- MVCU was understaffed relative to their entity’s size.
- Industry best practices and regulatory requirements were outpacing current strategy.
- The current strategy couldn’t support MVCU’s growth plans.
Wolf initiated discussions with the CEO and CFO of MVCU to better understand and discuss what their expectations were for their technology environment. Wolf was then able to identify key industry partners that would assist MVCU in meeting its long-term goals. Wolf introduced and helped facilitate conversations with firms that helped them mature their risk management processes, enhance the network environment, and improve how the technology can support its overall strategic plan.
- Wolf acted as a liaison between MVCU and firms we knew could meet their needs.
- Our IT and risk management experts sat with MVCU’s team weekly to ensure they were receiving additional support during these discussions.
Wolf & Co has been a valued partner for the Credit Union. Wolf’s strength and depth of knowledge regarding technology and cybersecurity gives the Credit Union assurance that we are not only meeting our regulatory obligations but are also providing world class technology to our members."
Wolf and the recommended firms helped MVCU not only resolve the list of open audit and regulatory comments, but also developed a mature information technology environment to support its members and proactively address future regulatory and industry challenges.