Halloween just came and went. This year, several dozen pop-culture references, cartoon characters, and rotting undead paid visit to my door. They said, “trick or treat,” and in return, I gave them candy. Examiners aren’t quite as charming when they knock on my credit union door, though. Nevertheless, I like to stay well-prepared: instead of buying bags of candy, I consult the NCUA examiner’s guide.
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It doesn’t matter if you’re the biggest credit union in the world, or if you’re small but mighty: you’ll have to do an internal audit. During your internal audit process, one of your biggest keys to success is tracking your data.
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Assessment of risk and finding ways to mitigate it are critical components to a successful internal audit. Here are a few strategies for your credit union to consider the next time examiners come a-knocking.
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Oh no! You’ve just received notice of an upcoming internal audit. Are you ready for it?
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Here’s a hypothetical: your credit union has just been audited. You mobilized your team, they collected documents and provided answers to any pertinent questions, and you compiled and submitted all the information. How well do you sleep that night?
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One thing is for certain: when it’s time for an audit, you need tools at your disposal. What kind of tool you need for that process depends on how much legwork and risk you’d like to take on.
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Not many professionals enjoy a straight path to wherever they end up. Like most people, I took the scenic route to creating Redboard. I hope that by sharing a little about myself, you can see what kind of values lie at Redboard’s core.
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If you’re spending money on new auditing tools, you’ll want to know that the money you spend is actually doing something for your credit union. To better discern what Redboard’s impact is, we have a few evaluative questions to help you gauge Redboard’s efficacy.
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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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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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