Planning

Post-Pandemic Audit Strategies for Credit Unions

The COVID-19 pandemic has fundamentally changed current audit operations at credit unions. And some of those changes may have lasting strategic consequences.

Updates to the NCUA Supervisory Priorities for 2020

The COVID-19 pandemic has brought about a lot of changes for credit unions. New compliance measures. New forbearance guidance. Operational priorities.

How to Use the Redboard Credit Union Audit Planning Checklist

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.

DCU Case Study

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...

Updates on Credit Union Audits and Exams During Covid-19

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...

How to maintain your credit union’s audit program through 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...

How to Run Your Credit Union Audit Program Remotely

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...

NCUA Statutory and Regulatory Updates for 2020

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 2020 NCUA Supervisory Priorities

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...

How We Set Our Credit Union Compliance Product Direction

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...

Credit Union Exams and Audits Need These Checklist Items

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...

Never Do These Two Things During Your Credit Union Exams

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...

High Hopes for Credit Union Cannabusiness and Hemp Banking

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...

How Much Does a Credit Union Audit Cost?

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...

How to Create Your Own Credit Union Audit Checklist

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.

Uh Oh! Look Out for These Three Credit Union Audit Risks!

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...

How to Prepare for an Audit: 11 Audit Efficiency Tips for Credit Unions

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...

Audit Team Member Responsibilities in Other Credit Union Business Areas

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...

How Automation in Auditing Improves Accountability

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...

Worried About Credit Union Exams? Try These Two Resources!

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.