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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At your credit union, you know exactly how cumbersome regulations (and the examinations that come with them) can be.
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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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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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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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Redboard began as our second-best idea to help credit unions.
Both ideas aimed to fill a need for credit unions. Our “best” idea seemed more glamorous. Describing it to colleagues who work for and with credit unions elicited oohs and ahhs. On a good day, I could imagine it changing the industry.
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