Crane Credit Union is a $1 billion credit union based in Indiana. Crane was experiencing consistent growth over time, but their audit team had remained the same size.
Artificial intelligence (AI) has evolved considerably in the last several years. It started with rumors and promises. Then, it emerged as a parlor trick. Now, it’s making videos, creating images, and writing anything from legal documents to blogs (not this one… yet).
2023 Conferences for Credit Union Auditors
If ever there was question about the necessity of audit and risk management in financial institutions, the failure of SVB and Signature Bank have proven once again that audit and risk management are crucial to the success—and survival—of credit unions.
The 2023 NCUA Supervisory Priorities
Each year, the NCUA sends out its list of supervisory priorities for the coming year. Credit unions preparing for their exams can reference the letter to focus on specific areas of concern.
2023 New Year’s Resolutions for Credit Union Auditors
Happy new year, credit union auditors! As 2022 fades in the rearview and we set our sights on what 2023 brings, it’s a good time to do what auditors do best:
Assess weaknesses, identify solutions, and plan for improvement.
Taking Part in Your Credit Union’s Next Audit? Read This.
If you are reading this, you may be new to the world of credit union audit processes. Audits are an essential part of the credit union’s operations and ensure that all internal controls are in place and functioning properly.
There are three basic types of audit software for credit unions: Basic, Enhanced, and Engaged. Read on to learn more about each kind—and which would be best for your credit union.
How to Measure Success when Implementing Auditing Solutions
Finding a solution to address credit union auditing inefficiency is difficult enough. Measuring success after actually implementing changes in the audit process is an additional challenge.
Specifically, it’s difficult to know how to measure the efficacy of the solution. How can auditors know that the impact is significant enough? What is the benchmark of success?
How to Maximize Audit Efficiency with Minimal Resources
If your organization is struggling to keep up with increasing audit demands, it’s likely not due to a single issue. Rather, multiple issues combine to affect efficiency and threaten negative (or even detrimental) consequences.
Unfortunately, credit unions and their auditing teams don’t have the resources to fix every existing problem at one time. It’s key to prioritize changes that have the potential to yield the biggest impact.
Here, the problem lies in identifying the areas with the most potential to improve efficiency with the resources available.
Exponential credit union growth brings a wave of new problems—primarily, audit departments aren’t growing at a proportionate rate to the increase in new responsibilities. There isn’t enough time or staff to meet compliance demands, and credit unions collectively face bigger problems as a result.
Get FREE Access to the Audit Checklist for Credit Unions!
