Let’s take a minute to talk about repeat findings in audits. With any luck, we’ll be able to provide some insight—and possibly some reassurance.

But by the end of this blog, you should have a better idea on how to handle repeat audit findings at your credit union.

Hint: you’re probably 90% of the way there.

Key features of specialized audit software from redboard

Features. What can we say about features? It seems that every service, every computer program out there wants to boast dozens upon dozens of features. Right now, there’s more than one specialized audit software touting features.

But at some point, enough is enough. And yes, we’re talking about features—and the constant bragging on them.

What good is a feature if it’s too difficult to use? Or if it takes longer to learn than it takes to do things the old way?

So, here are two features that every specialized audit software program needs.

Redboard credit union audit scorecard

It doesn’t matter if you’ve never done and audit or if you’ve completed dozens. You’re probably going to feel a little nervous. And a little exasperated. And, most importantly, you’ll wonder if you’re prepared.

We understand that worry. In fact, we’d like to help you out with that worry. So, we created an audit scorecard for your credit union.

You can use our audit scorecard to assess how ready your credit union is for your upcoming audit. It can show you which areas you might need help with, too.

(Don’t want to read what you’re getting yourself into? Check out our audit management scorecard here.)

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Credit union regulatory compliance from redboard

Regulatory compliance is like flossing. Or like eating your vegetables when you’re a kid. Or it’s like remembering to stretch before a workout (or it’s like the workout itself).

Basically, you know you’re supposed to do it. It’s there to keep you healthy and performing at your peak. It ensures that you’re not in danger of long-term consequences.

Regulatory compliance also helps members. Until, sometimes, it doesn’t.

Everyone loves a good origin story. Most superhero franchises start with a good origin story of some kind. Origin stories let people know the people and the reason behind the icons and the brands they come to love.

In that light, we want to share our own origin story. This is a little about how we got started, why we got started, and how we chose the name “Redboard.”

So, sit tight and get out your 3D glasses. This is about to get real.

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Audit resources for credit unions from redboard

We’ve been talking a bit about audit best practices lately. Actually, you could say we’ve been talking about audit worst practices, but the two almost go hand in hand. It’s all about how you can better approach your audits and exams so you can stay out of trouble.

So, in that vein, we’d like to offer one more. We’d like to suggest one thing to make your audit life a little easier. It’s one thing that you should never forget:

And it’s about your auditor.

Credit union exams worst practices from redboard

The world is full of best practices tips. You probably know the best way to brush your teeth. You definitely know the best way to tie your shoes. And, if you’ve been reading this blog, there’s a good chance you know best practices for credit union exams and audits.

But best practices are just that: best practices. They tell you what you should do, which is all well and good…

Yet they don’t tell you what you should avoid.

Here are a couple of “worst practices” to avoid during credit union exams.

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To date, we still haven’t found a way to avoid audits altogether. Not that we’d want to, of course. They’re not exactly fun, but they certainly help keep things in line. Still, it would be great if they could get easier somehow…

Fortunately, that’s the exact topic of this blog. We’re going to introduce a few things you can do to streamline your credit union’s regulatory exam process.

Our main tip is something that works best for credit union exams. It may work for other audits as well, but this one in particular is best suited for NCUA exams. If that’s not what you’re after, read on anyway! Some of the other material may still be of help.

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Credit union regulatory exam tips from redboard

The internet is full of various audit and regulatory examination tips. Heck, we’ve written more than a few blogs about them ourselves. The thing is, so many of the exam tips floating around out there are truly commonsense items. Once you’ve been through an audit or two, you kind of know the deal.

However, we live in a vibrant, exciting, ever-changing universe. And we want to keep our content fresh and our tips even fresher. So, with that in mind, we’d like to present two uncommon regulatory exam tips for your credit union’s next audit.

These two credit union exam tips are guaranteed to make your auditor or examiner smile. (Or maybe they’ll just give you a solid nod of approval.)

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Credit union hemp banking with redboard

As a company that works to reduce risk, every aspect of cannabusiness puts us on edge. It’s not that we’re against it, but it is fraught territory for financial institutions.

But the fact is that many credit unions have considered cannabusiness and hemp banking. And for understandable reasons, too. It’s a growing industry with a lot of promise. Getting in at the ground floor would no doubt be very profitable.

But there are all sorts of federal issues surrounding hemp banking. Frankly, there are enough issues around it that we’re not ready to even weigh in yet. But here’s what we can do: we can let you know about newer developments in NCUA hemp banking guidance.

Thrilling stuff.