It’s time for your credit union to run an audit. You’re thinking about delegation, organization, paperwork, and computer files.

Running an audit is stressful and time consuming.

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Digital Federal Credit Union (DCU) is based in Marlborough, Massachusetts, and their member base is spread across every state in the union. At over $9b in assets, DCU’s audit department had their hands full. Coordinating their audit activities and business units required quite a bit of management.

Credit Union of Southern California (CU SoCal) is a credit union that serves Los Angeles, Orange, Riverside, and San Bernardino Counties. They are relatively large at over $1.8b, so they require a robust audit program. In addition to the usual business units and experts, they support a two person audit team that coordinates and executes audit activities.

The last few months have undeniably created unique situations for credit unions. The way members are interacting with their branches, the expectations of employees, and the requirements by the NCUA have all been through changes amidst the COVID-19 pandemic.

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Some things seem so obvious after they’ve been invented and gotten popular. Think: the wheel instead of walking. Netflix instead of renting. Texting instead of calling. Sliced bread instead of… whatever came before that. But where things weren’t always so simple.

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A recent report from the Institute of Internal Auditors found that directors of corporate boards are overconfident in their organization’s ability to handle major risks. This overconfidence affects top-down compliance strategy, which carries significant repercussions.

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Redboard and Ongoing Operations team together to support credit unions with remote work ready Compliance and Audit Platform free for 120 days.

With a sudden shift to remote working environments, and the stress of maintaining operations through the crisis, credit unions face challenges executing their monitoring, compliance, and audit functions. These activities are areas that can’t be ignored for months.

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The credit union industry is facing some of its steepest competition yet. Banks are distinguishing themselves through digital services. Fintechs are offering bold innovations. Even tech giants like Google and Apple are trying to enter the fray.

Fortunately, credit unions have a secret weapon on their side: Elon Musk.

Audits and examinations are not for the faint of heart. They require detailed, meticulous work, and they often drag on interminably. Most people who don’t work in compliance do their best to avoid them if they can. And yet, for credit unions, audits are a regular part of life.

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The Coronavirus is straining organizations around the country and around the world. Nobody knows if this situation will last for six weeks… or for six months. (In fact, some health authorities have suggested an 18-month social distancing practice!)

How will this crisis affect your credit union’s audit program? We asked in a short Facebook poll, and we got a few answers:

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