Here’s a hypothetical: your credit union has just been audited. You mobilized your team, they collected documents and provided answers to any pertinent questions, and you compiled and submitted all the information. How well do you sleep that night?
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One thing is for certain: when it’s time for an audit, you need tools at your disposal. What kind of tool you need for that process depends on how much legwork and risk you’d like to take on.
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Not many professionals enjoy a straight path to wherever they end up. Like most people, I took the scenic route to creating Redboard. I hope that by sharing a little about myself, you can see what kind of values lie at Redboard’s core.
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If you’re spending money on new auditing tools, you’ll want to know that the money you spend is actually doing something for your credit union. To better discern what Redboard’s impact is, we have a few evaluative questions to help you gauge Redboard’s efficacy.
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Preparing your credit union for an audit or exam, whether internal or external, is a time-consuming process. If your credit union is preparing for an audit, what will you need in order to ensure a smooth process?
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One of the benefits of using Redboard is mitigated risk during internal and external audits. We’ll explore some of the ways that Redboard reduces risk for your credit union, and then we’ll discuss whether that risk reduction is right for you.
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At your credit union, you know exactly how cumbersome regulations (and the examinations that come with them) can be.
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I recently was invited to give a talk at the Credit Union InfoSecurity Conference in San Diego. I shared five of the hidden traps for regulatory compliance and examinations for credit unions. What follows is the lightly-edited text of that presentation.
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I recently found a helpful resource for CEOs whose credit unions are preparing for a regulatory examination.
This deck produced by the National Federation of Community Development Credit Unions is 21 pages long and filled with tips for tackling the challenges of an exam. Most tips apply to credit unions regardless of their size.
One section of the deck that I found particularly insightful was “Things That Make Your Examiner Smile,” which explained some specific actions you can take to impress your examiner. These regulatory exam tips could definitely help your credit union’s team.
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