Credit union audit software from redboard

Truth be told, there aren’t many kinds of audit software for credit unions on the market. The way we see it, there are three basic types: Effective, Enhanced, and Engaged. We wrote a whole blog about it.

 

Essentially, it goes like this:

Effective tools are just repurposed office productivity tools like Microsoft Excel and Outlook. They work, but they’re clunky, slow, and increase the risk of human error.

Enhanced audit tools include countless capabilities, features, and plugins to address any need your audit team has. They can do it all, but they’re complex and not industry-specific, and they’re designed to solve problems that your credit union may not have.

Engaged audit tools are tailor-made to streamline, simplify, and automate tedious portions of the audit process for credit unions. They help to save time on audits, and make sure your I's are dotted and your T's are crossed.  They are like the IPhone of audit software.

So, which of these types of audit software does your credit union need?

(If you want to skip straight to our recommendations, just scroll down to the “Final Thoughts” section.)

Don’t Buy Something You Don’t Need

Some people are gearheads. It’s in their nature. It’s not a bad thing, but it’s pretty common. See, gearheads want the best, most high-tech stuff on the market.

They want sub-zero degree down mummy bags for their annual summer camping trip. They want a sports car so they can spin their tires between stoplights. They want the latest gaming computer to browse the internet and stream Netflix.

Gearheads get more satisfaction from the capabilities of their gear than they get from using it. They buy top tier things they don’t need because they’re afraid that something can’t be done with less-expensive options.

But here’s the thing:

Sub-zero sleeping bags are made for winter camping and mountain climbing. Sports cars are made for enthusiast-level racing at tracks. Gaming computers are designed to render complex 3D and VR graphical landscapes. They’re engineered to handle the most extreme use cases imaginable. Using them for the wrong purpose isn’t just wasteful—it’s inefficient!

Sub-zero bag? You’d overheat during summer camping. Sports car? You’ll see more speeding tickets and gas bills than racetracks. Gaming computer? Save yourself a couple grand (plus the electricity bill from the power supply) and buy a Chromebook—it’ll browse and stream just as well.

So, what kind of credit union audit software do you need? You need credit union audit software that solves the issues that you have—not the issues that you think you might have, someday, if your circumstances change considerably. Otherwise, you risk spending valuable time implementing and learning software built for something that won’t move the needle at all.

The Type of Credit Union Audit Software You Need

So, we’ve covered the three tiers or types of audit software for credit unions. We’ve also discussed the dangers of buying more than you need. Now, we’d like to ask a few questions that might help you pinpoint what kind of credit union audit software you actually need.

1. Do you want to save time on audits?

The truth is that countless credit unions have been completing audits using Effective audit tools. However, credit unions who have upgraded to more robust tools have saved time on audits.

What would you do with your 25% time savings on audits? Would you reinvest that time into the audit? Would you put it towards keeping up with daily operations? Would you focus on higher strategic priorities?

If you want to save time on audits, then Effective tools won’t cut it—you’ll need Enhanced or Engaged audit software for that. But if a 25% time savings wouldn't help you, your team, or your organization, then other solutions would just be a luxury.

2. How Complex is your audit program?

Does your credit union have niche audit software needs? Are there so many people and departments involved that you have a large team of internal auditors? Would you compare the needs of your audit department to that of a Fortune 500 corporation?

If your audit program has a broad and intense range of audit requirements, then you might want to consider Enhanced audit tools. If you're willing to spend the time and money to operate and maintain these tools, they offer a wide array of capabilities.

If your audit program is more similar to that of your peers in the industry, then Engaged tools might be a better fit.

3. What is your team’s comfort level with complex software?

You, your team, and all business units involved in the audit will need to realistically assess your comfort level with new software. Are you willing to learn how to use complex new software? Can you dedicate personnel to keeping it operational? Can you achieve that kind of buy-in from all members of your audit team?

If you don’t want a solution that requires a significant time investment to run and operate, then Enhanced audit tools may not be your best bet. Engaged tools provide complexity just sufficient enough for most credit unions, and as a result they are intuitive and easy to use.

audit checklist

FREE: Audit Checklist for Credit Unions

4 key principles and 13 questions to jumpstart your audit planning. From leading credit unions.

Final Thoughts

What it comes down to is this: you should buy only the audit software that addresses your needs.

Use Effective tools if

  • Your team (the audit team and business unit personnel) is very small
  • You perform only a few audits per year, tops
  • You don’t need to save time on audits


Use Enhanced tools
if

  • You have varied and complex audit needs
  • Your audit team is large
  • Your team is ready and willing to dedicate the time to learn and maintain complex software


Use Engaged tools
if

  • You’d like to save time on audits
  • You want something that's easy to use and operate, both for your audit team and your business units
  • You want to increase efficiency and accountability while reducing risk

Just remember: although some audit software has many capabilities, there’s a good chance that your credit union would never use them. You should consider only the software that addresses your credit union’s audit needs. Otherwise, you may end up spending far more time, money, and energy on audits than you did before!

If you’d like to read more about credit union audit software and how to save time on audits, subscribe to our blog! Or you can let fate take the wheel by clicking one of the links below.

REDBOARD’S CREDIT UNION AUDIT SOFTWARE: POINT WEST CREDIT UNION CASE STUDY

WHERE TO REINVEST TIME SAVED FROM USING CREDIT UNION AUDIT SOFTWARE


Posted in: