With the COVID-19 pandemic continually introducing new operational practices and security risks, I wanted to sit down with some credit union professionals to discuss what’s been on their minds lately.

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Credit union post-pandemic audit strategies for credit unions from redboard

The COVID-19 pandemic has fundamentally changed current audit operations at credit unions. And some of those changes may have lasting strategic consequences.

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The COVID-19 crisis has changed regular exam, external, and internal audit operations. And, as with any period of upheaval and change, communication is key. In fact, this communication will be key to ensuring that your supervisory committee understands what your audit team is doing, how they’re doing it, and what they can expect.

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Credit unions are facing new challenges during COVID-19. Many of their members are facing new financial circumstances, and those members are asking new questions. Credit unions are working hard to provide answers.

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The COVID-19 pandemic has brought about a lot of changes for credit unions. New compliance measures. New forbearance guidance. Operational priorities.

Unemployment rates across the US are at an all-time high since the Great Depression. The landscape of automatic deposits is changing.

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Del Norte Credit Union (DNCU) is based in Santa Fe and Northern New Mexico. With just over $700m in assets, DNCU has a lean operation and outsources many of its audits. Their internal risk management activities are focused on managing their outsourced audits and running ongoing quality control and monitoring activities. 

Being a credit union auditor can be pretty straightforward. Balance risk, enhance reporting, and optimize performance. But COVID-19 threw a wrench in the standard.

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It’s time for your credit union to run an audit. You’re thinking about delegation, organization, paperwork, and computer files.

Running an audit is stressful and time consuming.

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Digital Federal Credit Union (DCU) is based in Marlborough, Massachusetts, and their member base is spread across every state in the union. At over $10b in assets, DCU’s audit department had their hands full. Coordinating their audit activities and business units required quite a bit of management.