Audit Management

March 18, 2019 |By Brad Powell

How to Improve an Already-Sound Credit Union Audit Program

Audits must be performed frequently to ensure proper operational practices and compliance. Most upper-level credit union employees are familiar with audits. After all, upper-level employees are the experts, and leveraging experts is a critical component to successful audits.

Then, of course, there are internal audit teams. They’ve made a living off of their audit expertise.

So, with so many experienced experts on any given audit team, what do you get?

You get sound credit union audit programs and, one would hope, great audit results.

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March 12, 2019 |By Brad Powell

Two Simple Areas Where Audit Software Helps Your Credit Union

Audit software for credit unions can help your team drastically simplify your audit process. In fact, the increase in efficiency from using audit management tools usually translates to a 10–25% decrease in time to completion.

So, how does it accomplish that?

Well, there are two main areas of the audit process that software addresses.

Here’s what we’ve seen:

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March 4, 2019 |By Brad Powell

How Credit Union Audit Management Software Saves Time and Increases Efficiency

In the last few weeks, we’ve written a bit about some of the benefits of credit union audit management software. One of the primary takeaways is that credit union audit software saves time in the audit process, and credit unions are putting that time to good use.

But just saying that audit management software will save your credit union time doesn’t illustrate much.

So, to give you a better picture of how and why some simple software makes audits easier, we’ve compiled a short, not-entirely-exhaustive list.

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September 20, 2018 |By Brad Powell

Getting your Credit Union Organized for an Audit or Exam

Preparing your credit union for an audit or exam, whether internal or external, is a time-consuming process. If your credit union is preparing for an audit, what will you need in order to ensure a smooth process?
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September 20, 2018 |By Brad Powell

Managing Credit Union Risk Management

One of the benefits of using Redboard is mitigated risk during internal and external audits. We’ll explore some of the ways that Redboard reduces risk for your credit union, and then we’ll discuss whether that risk reduction is right for you.
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June 20, 2017 |By Brad Powell

The Hidden Risks in Credit Union Regulatory Examinations — and How to Avoid Them

I recently was invited to give a talk at the Credit Union InfoSecurity Conference in San Diego. I shared five of the hidden traps for regulatory compliance and examinations for credit unions. What follows is the lightly-edited text of that presentation.
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June 2, 2017 |By Brad Powell

Tips for Credit Union CEOs Preparing for a Regulatory Examination

I recently found a helpful resource for CEOs whose credit unions are preparing for a regulatory examination.
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May 21, 2017 |By Brad Powell

How the NCUA AIRES Questionnaires Can Help Your Credit Union Prepare for Your Next Regulatory Examination

For most credit unions we talk to, regulatory examinations are a bit like college finals week. They cause a lot of stress and, like a cram session, your team often ends up rushing to get the examiner everything they need at the last minute.

You could say there’s a reason regulators call them exams.

But the National Credit Union Administration (NCUA) publishes detailed roadmaps to passing – the kind of study guides that only the most lenient professor would provide.

These guides are called the AIRES questionnaires. They’re easy to download and available to any credit union.

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May 12, 2017 |By Brad Powell

One Simple Way Credit Union CEOs Can Decrease Regulatory Exam Response Risk

Federal regulations have imposed a staggering burden on credit unions over the past seven years.

According to a study commissioned by the Credit Union National Association (CUNA), credit unions’ regulatory costs have increased by $1.7 billion since 2010. In that span, CUs have seen a 91 percent increase in staff time spent on regulatory activities. That’s something that credit union CEOs are paying attention to.

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April 24, 2017 |By Brad Powell

5 Strategies to Avoid Risk During Your Credit Union's Next Regulatory Examination

Do you know of anyone who looks forward to credit union exams? Do they have NCUA rules and regulations tattooed on their arms? Do they read article after article exploring various credit union compliance resources?
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