Compliance software credit unions with redboard

There’s no such thing as an all-knowing compliance professional. There are too many rules and regulations in the credit union industry for a single person to know them all. It takes a team of experts to carry out an audit or examination in any given area.

So naturally, it takes that same level of teamwork to build our credit union compliance software. Let us introduce you to how we set our product direction.

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Credit union exam checklist from redboard

Remember way, way back in the old days at school? And how sometimes, for whatever reason, you’d get distracted for a couple seconds. And that’s when it always happened. The teacher called on you.

Are you supposed to act like you know what’s going on? Do you own up to it? Do you just blurt out random words and hope for the best until someone stops you?

It’s a terrible feeling. And we’re all happy to be done with school. But that doesn’t mean we’re safe from getting called on when we’re not ready. Credit union exams and audits can still approximate that feeling.

Let’s look at how to fix that.

Do different examiners have different expectations with redboard

So, you know how whenever you try to play pool, you have to discuss procedures for who breaks, or ball placement after a scratch, and so on? Or playing Monopoly, some people make the game a bit more punishing or forgiving to enhance play? Or how some dog owners feed their dogs scraps, but others won’t let their pups near the table?

House rules can change a lot about the way people do things. Even if some activities already have an official ruleset, there’s often room for preference and interpretation.

Often, those house rules extend to audits and auditors. Sometimes different auditors have different expectations.

Let’s take a minute to talk about repeat findings in audits. With any luck, we’ll be able to provide some insight—and possibly some reassurance.

But by the end of this blog, you should have a better idea on how to handle repeat audit findings at your credit union.

Hint: you’re probably 90% of the way there.

Key features of specialized audit software from redboard

Features. What can we say about features? It seems that every service, every computer program out there wants to boast dozens upon dozens of features. Right now, there’s more than one specialized audit software touting features.

But at some point, enough is enough. And yes, we’re talking about features—and the constant bragging on them.

What good is a feature if it’s too difficult to use? Or if it takes longer to learn than it takes to do things the old way?

So, here are two features that every specialized audit software program needs.

Redboard credit union audit scorecard

It doesn’t matter if you’ve never done and audit or if you’ve completed dozens. You’re probably going to feel a little nervous. And a little exasperated. And, most importantly, you’ll wonder if you’re prepared.

We understand that worry. In fact, we’d like to help you out with that worry. So, we created an audit scorecard for your credit union.

You can use our audit scorecard to assess how ready your credit union is for your upcoming audit. It can show you which areas you might need help with, too.

(Don’t want to read what you’re getting yourself into? Check out our audit management scorecard here.)

Credit union regulatory compliance from redboard

Regulatory compliance is like flossing. Or like eating your vegetables when you’re a kid. Or it’s like remembering to stretch before a workout (or it’s like the workout itself).

Basically, you know you’re supposed to do it. It’s there to keep you healthy and performing at your peak. It ensures that you’re not in danger of long-term consequences.

Regulatory compliance also helps members. Until, sometimes, it doesn’t.

Everyone loves a good origin story. Most superhero franchises start with a good origin story of some kind. Origin stories let people know the people and the reason behind the icons and the brands they come to love.

In that light, we want to share our own origin story. This is a little about how we got started, why we got started, and how we chose the name “Redboard.”

So, sit tight and get out your 3D glasses. This is about to get real.

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Audit resources for credit unions from redboard

We’ve been talking a bit about audit best practices lately. Actually, you could say we’ve been talking about audit worst practices, but the two almost go hand in hand. It’s all about how you can better approach your audits and exams so you can stay out of trouble.

So, in that vein, we’d like to offer one more. We’d like to suggest one thing to make your audit life a little easier. It’s one thing that you should never forget:

And it’s about your auditor.

Credit union exams worst practices from redboard

The world is full of best practices tips. You probably know the best way to brush your teeth. You definitely know the best way to tie your shoes. And, if you’ve been reading this blog, there’s a good chance you know best practices for credit union exams and audits.

But best practices are just that: best practices. They tell you what you should do, which is all well and good…

Yet they don’t tell you what you should avoid.

Here are a couple of “worst practices” to avoid during credit union exams.