Credit union audit efficiency

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.

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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.

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Redboard is a credit union audit management platform that has helped credit unions of all sizes reduce their audit administration time by 50%. At the Association of Credit Union Internal Auditors conference, Redboard unveiled two pieces of news:
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Helping credit union audit programs succeed is our mission at Redboard. We’ve developed checklists, worksheets, and more to help auditors increase their bandwidth.

Now, Redboard has teamed up with The Audit Library to save credit union auditors’ time and make their lives easier.

Read on to learn more about each company and how they support credit union, internal audit professionals. Or, follow this link to learn more and request a demo.

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Redboard is proud to speak at two upcoming credit union audit conferences. Both are quality events with great lessons for credit union auditors and supervisory committees alike.

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Credit union internal audit program plan and suggested procedures from redboard

Credit union internal audit programs accomplish a lot with relatively few resources. At Redboard, we want to ensure your audit team has a clear path to success.

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For most credit unions, repeat findings are an unfortunate but occasional occurrence. Sometimes, the corrective action you took on non-conforming findings didn’t stick. And sometimes, findings take longer to address, or an item gets missed on a spreadsheet, or an email gets buried in an inbox…

Audit team member responsibilities for credit unions from redboard

As a credit union auditor, you (and your team) are experienced and dedicated experts. But you rely on other business areas to assist, support, and complete audit tasks.

2022 ncua credit union supervisory priorities with redboard audit and examination software

Each year, the NCUA sends out their list of supervisory priorities for the year. Credit unions preparing for their exams can reference the letter to focus on specific areas.

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Making a decision to try something new in your work life can be scary. You’re always looking to make improvements and do things better, but at the same time you don’t want to make a mistake. This goes double for anything audit or compliance related.

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