Risk Solutions

We offer credit unions a range of compliance, fraud prevention and insurance services to assist credit unions in managing operational risks, mitigating or preventing losses and protecting member accounts. We administer multiple insurance programs for B.C. credit unions. Finally, we deliver a wide range of anti-money laundering (AML) and enterprise risk management solutions.

Fraud Solutions

Central 1’s Fraud Solutions provides national loss prevention services. We act as the liaison between INTERAC® and credit unions to minimize fraud losses on INTERAC® payment channels and expedite fraud alert communications.

Compliance Solutions

Our expert team works in collaboration with industry partners to deliver a range of services that include prescribed filing services for large cash transactions and wire transfers; outsourcing solutions to support the credit unions’ Chief Anti-Money Laundering Officers; and independent effectiveness reviews.

Our compliance outsourcing services include:

  • Prescribed filing services
  • Risk and compliance regime service
  • Suspicious transaction service

Our Compliance Solutions services also include the bi-annual Effectiveness Reviews required by Fintrac.

With these services in place, Compliance Officers can focus resources on other areas of Canadian regulator requirements while freeing up staff to spend time on what matters to your credit unions – your members!

Insurance Solutions

We provide insurance to credit unions to mitigate business risks. We also provide operational and management services to CUPP Services Ltd. for the Master Property Insurance Program and the Professional Liability Insurance Program. We provide management services for the Master Bond Program for the program owner Stabilization Central Credit Union. We also manage the Central 1 subsidiary Credit Union Advantage Insurance Brokerage Ltd.

B.C.-based cooperative risk solutions & insurance solutions

CUPP Services Ltd. is a captive insurance company owned by Central 1. It also provides risk management and compliance audit services, as well as loss prevention training tools.

The company plays an important role in meeting the insurance needs of B.C. credit unions. By insuring a portion of the coverage through CUPP Services Ltd., participating credit unions are partially shielded from the volatility of pricing and capacity in the general insurance marketplace.

Through a patronage dividend, underwriting profits are distributed each year to participating policyholders. A portion of that dividend is re-invested in shares of CUPP Services Ltd., providing capital to support its ongoing insurance business.

Policyholders of insurance products must be shareholders of CUPP Services Ltd. and also be shareholders of Central 1. Subsidiaries of shareholders can also purchase their insurance from CUPP Services Ltd., while risk management and compliance services are available to any customer in B.C.

Get in touch  |  1.800.661.6813