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 pandemic has brought about a lot of changes for credit unions. New compliance measures. New forbearance guidance. Operational priorities.
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.
Digital Federal Credit Union (DCU) is based in Marlborough, Massachusetts, and their member base is spread across every state in the union. At over $9b in assets, DCU’s audit department had their hands full. Coordinating their audit activities and...
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...
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...
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...
Credit unions offer numerous advantages over banks and other financial institutions. Their services, fees, and rates are all top notch. And a good deal of that can be attributed to relatively strict rules and regulations regarding consumer...
The world of credit union compliance is both fast-paced and high-stakes. It would be enough to drive any compliance professional mad… if there weren’t ample resources on their side.
Fortunately, the NCUA is also chock-full of compliance...
There’s no such thing as an all-knowing compliance professional. There are too many rules and regulations in the credit union industry for a single person to know them all. It takes a team of experts to carry out an audit or examination in any given...
Remember way, way back in the old days at school? And how sometimes, for whatever reason, you’d get distracted for a couple seconds. And that’s when it always happened. The teacher called on you.
Are you supposed to act like you know what’s...
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...
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...
Credit unions must perform several audits every year. Unfortunately, audits can be a major drain on your resources. So, how much does a credit union audit cost?
There’s a simple answer and a complex answer. Just for the sake of time, let’s...
Credit unions have to deal with many different kinds of audits every year. From the dreaded NCUA regulatory examinations down to technology compliance audits, there are several.
Having a sound audit process isn’t easy. Fortunately—or perhaps, unfortunately—most credit unions are well acquainted with audits. Consequently, they tend to be quite good at the whole thing.
Nevertheless, there are some areas...
For some credit unions, audits are an occasional nuisance. For others, they’re seemingly constant, all-hands-on-deck affairs.
Regardless of whether your credit union’s audit cycle is frequent and consuming or sporadic and...
Credit union audit teams are built of experienced, dedicated professionals. They have expert knowledge in their field, and they’re well-equipped to answer any number of pertinent questions related thereto.
But not all audit teams...
Many factors impact your audit process and, consequently, your audit results. Still, the responsibility of ensuring great deliverables lies with your audit team.
There are two characteristics shared among sound, experienced audit...
There’s a lot to worry about when preparing for credit union exams. Usually, they go smoothly. Often, exams just confirm what you and your credit union already knew: that you’re on the right path.
But the stress is real.
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