Crane Credit Union is a $1 billion credit union based in Indiana. Crane was experiencing consistent growth over time, but their audit team had remained the same size.
Artificial intelligence (AI) has evolved considerably in the last several years. It started with rumors and promises. Then, it emerged as a parlor trick. Now, it’s making videos, creating images, and writing anything from legal documents to blogs (not this one… yet).
The 2023 NCUA Supervisory Priorities
Each year, the NCUA sends out its list of supervisory priorities for the coming year. Credit unions preparing for their exams can reference the letter to focus on specific areas of concern.
2023 New Year’s Resolutions for Credit Union Auditors
Happy new year, credit union auditors! As 2022 fades in the rearview and we set our sights on what 2023 brings, it’s a good time to do what auditors do best:
Assess weaknesses, identify solutions, and plan for improvement.
Taking Part in Your Credit Union’s Next Audit? Read This.
If you are reading this, you may be new to the world of credit union audit processes. Audits are an essential part of the credit union’s operations and ensure that all internal controls are in place and functioning properly.
There are three basic types of audit software for credit unions: Basic, Enhanced, and Engaged. Read on to learn more about each kind—and which would be best for your credit union.
How to Measure Success when Implementing Auditing Solutions
Finding a solution to address credit union auditing inefficiency is difficult enough. Measuring success after actually implementing changes in the audit process is an additional challenge.
Specifically, it’s difficult to know how to measure the efficacy of the solution. How can auditors know that the impact is significant enough? What is the benchmark of success?
If your credit union struggles to keep up with increasing audit demands, you're not alone. Unfortunately, credit union auditors rarely have the resources to fix every problem at once. It’s key to prioritize changes that have the potential to yield the biggest impact.
Fortunately, because so many auditors have experienced increased demands with limited resources, we've discovered an easy rubric with which to identify which improvements to prioritize.
Read ton to see how to find, prioritize, and address issues, improving your audit efficiency despite limited resources.
Credit union growth brings always brings new problems—or exacerbates existing ones. There's one common culprit for both:
Audit departments aren’t growing as quickly as their increase in new responsibilities. There isn’t enough time or staff to complete their audit plans or respond to findings. Consequently, credit unions face bigger problems.
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