The COVID-19 pandemic has fundamentally changed current audit operations at credit unions. And some of those changes may have lasting strategic consequences.
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.
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.
The COVID-19 pandemic has brought about a lot of changes for credit unions. New compliance measures. New forbearance guidance. Operational priorities.
Early in the pandemic, unemployment rates were high. Unemployment insurance fraud spiked. At the same time, the landscape of automatic deposits was changing.
Del Norte Credit Union (DNCU) is based in Santa Fe and Northern New Mexico. With just over $1b 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.
Running an audit can be stressful and is always time-consuming. More planning and structure at the beginning improve efficiency in subsequent stages.
We created our credit union audit checklist to give auditors a head start in both annual NCUA exams and audits. This is especially critical if you’re short-staffed or your business units have limited bandwidth.
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.
Credit Union of Southern California (CU SoCal) is a credit union that serves Los Angeles, Orange, Riverside, and San Bernardino Counties. They are relatively large at over $2.4b, so they require a robust audit program. In addition to the usual business units and experts, they support a two person audit team that coordinates and executes audit activities.
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