Redboard’s credit union audit software saves time

Credit union audits are time-consuming. From the first letter, to mobilizing your team, to addressing items, to coordinating and delivering documents, quite a few work-hours go toward successful completion of NCUA audits.

So, what is your time worth?

How would you like to cut 10–25% of the time off your audit?

What if you could save time on your audit while also increasing your security and efficiency?

Time-Saving Strategies for Credit Union Audits from Brad Powell on Vimeo.

The Tips for Increasing Credit Union Audit Efficiency

If you’re at all familiar with this blog, then you probably know that we spend a good chunk of time writing about how to streamline your credit union’s audit process.

In fact, we do it often. Usually it’s about reducing risk during audits, but sometimes it’s about credit union exam preparation.

But here’s the thing:

We and others in the credit union audit business often give the same advice over and over. It’s all about preparation, involving the right people, and so on.

Let’s be real, though. Unless your next audit is one of your first, then you probably know how to prepare. You know how to leverage the past. You know who to involve.

If you’re doing everything right, but you still want to increase efficiency?

If you’re fully capable, but you want an edge?

Bring Out the Big Guns

We get it—you’re already doing audits “right.”

Still, no matter how well you’re completing your audits, you could still save time on them.

A lot of time.

Using specialized audit software can reduce the time your credit union’s audit process takes by 10–25%.

Here’s how it works:

By reducing your credit union’s reliance on spreadsheets and email, you can essentially declutter your audit environment. Then, by automating tedious tasks like managing version control, building a robust audit trail, and notifying key members of your audit team about upcoming items and deadlines, you can spend less time managing the audit process and more time on audit answers.

Who Benefits the Most from Credit Union Audit Software?

We’ve seen time savings benefits as low as 10% and as high as 25% from our clients so far.

For smaller audit teams, we’re seeing larger reductions in the time they spend on their audit process.

The audit teams from smaller credit unions involve people who must balance other work responsibilities. They don’t have quite the same resources as larger credit unions, and the security, efficiency, and automation from audit software offers them significant time savings.

Larger audit teams haven’t experienced quite the same time savings as their smaller counterparts.

Larger credit unions and audit teams tend to have more rigorous audit duties. They involve more people, many of whom are full-time auditors. Accordingly, they’ve gotten extremely efficient in the credit union audit environment.

Nevertheless, a 10% time savings in the audit process frees up several hours per week for each member of the team.

That kind of savings adds up quickly.

How to Get Started

If your credit union is gearing up for another audit, then you’re in luck!

Here at Redboard, we’re committed to providing credit unions with all the tools they need to successfully breeze through audits. First, you can download our credit union audit checklist.

Then, you can contact us to set up a demo for you and your audit team.