The last few months have undeniably created unique situations for credit unions. The way members are interacting with their branches, the expectations of employees, and the requirements by the NCUA have all been through changes amidst the COVID-19 pandemic.
Some things seem so obvious after they’ve been invented and gotten popular. Think: the wheel instead of walking. Netflix instead of renting. Texting instead of calling. Sliced bread instead of… whatever came before that. But where things weren’t always so simple.
A recent report from the Institute of Internal Auditors found that directors of corporate boards are overconfident in their organization’s ability to handle major risks. This overconfidence affects top-down compliance strategy, which carries significant repercussions.
Redboard and Ongoing Operations team together to support credit unions with remote work ready Compliance and Audit Platform free for 120 days.
With a sudden shift to remote working environments, and the stress of maintaining operations through the crisis, credit unions face challenges executing their monitoring, compliance, and audit functions. These activities are areas that can’t be ignored for months.
The credit union industry is facing some of its steepest competition yet. Banks are distinguishing themselves through digital services. Fintechs are offering bold innovations. Even tech giants like Google and Apple are trying to enter the fray.
Fortunately, credit unions have a secret weapon on their side: Elon Musk.
Audits and examinations are not for the faint of heart. They require detailed, meticulous work, and they often drag on interminably. Most people who don’t work in compliance do their best to avoid them if they can. And yet, for credit unions, audits are a regular part of life.
The Coronavirus is straining organizations around the country and around the world. Nobody knows if this situation will last for six weeks… or for six months. (In fact, some health authorities have suggested an 18-month social distancing practice!)
How will this crisis affect your credit union’s audit program? We asked in a short Facebook poll, and we got a few answers:
The Coronavirus is straining organizations around the country and around the world. Nobody knows if this situation will last for six weeks… or for six months.
How will this crisis affect your credit union’s audit program? How will you need to adjust? If your audit team needs to work remotely, what will that mean for your credit union, your audit team, or your ability to coordinate with others?
(This is part three in a series on the three lines of defense in credit union risk management and compliance. You can read part one here and part two here.)
Recently, we released the latest version of our credit union audit management software, Redboard 10. To meet client needs, we expanded its functionality to better incorporate internal audit teams and business users. These changes have significantly expanded Redboard’s role in audits and examinations.
Compliance and risk management are necessary at credit unions. After all, you hold the keys to your members’ livelihoods, and a mistake on your part could have major financial consequences for them.
To better manage risk, audit teams often follow the three lines of defense. These lines of defense may differ slightly for each institution, but the basics are the same. In fact, you can learn more about what each of them entails here.
We’re happy to announce the release of Redboard 10, the most comprehensive version of our audit management software platform yet. We’ve added new features and abilities that ensure smoother, more efficient credit union audits and exams.
When we debuted Redboard, it was a secure project management platform designed to help credit union compliance teams manage and navigate their annual regulatory exams. However, after incorporating client feedback, the platform is much more flexible and robust than ever.
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