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...

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.

Why Consistency Is Key for Your Credit Union Auditors

Depending on who your auditors are—or what type of audit they’re conducting—your auditors could be looking for any number of things. One thing they’re always looking for? Consistency.

Where to Reinvest Time Saved from Using Credit Union Audit Software

Recently, we wrote about how credit unions can save time in completing their audits by using audit software to manage their process. It’s true—credit union...

Time-Saving Strategies for Credit Union Audits

Credit union audits are time-consuming. From the first letter, to mobilizing your team, to addressing items, to coordinating and delivering documents, quite a few work-hours go toward successful completion of NCUA audits. So, what...

Audit Checklist for Credit Unions

Okay, we get it. Audits aren’t easy, and there’s no secret hack to make them less difficult. However, a little preparation never hurt. In fact, even an ounce of preparation could end up worth about a pound of cure. (We’re not sure...

Using the NCUA Examiner's Guide as a Resource to Help Your Credit Union

Halloween just came and went. This year, several dozen pop-culture references, cartoon characters, and rotting undead paid visit to my door. They said, “trick or treat,” and in return, I gave them candy. Examiners aren’t quite as charming when they...

Tracking Data Through your Internal Audit Process

It doesn’t matter if you’re the biggest credit union in the world, or if you’re small but mighty: you’ll have to do an internal audit. During your internal audit process, one of your biggest keys to success is tracking your data.

How to Mitigate Credit Union Risks During Your Internal Audit

Assessment of risk and finding ways to mitigate it are critical components to a successful internal audit. Here are a few strategies for your credit union to consider the next time examiners come a-knocking.

Are You Ready for Your Internal Audit?

Oh no! You’ve just received notice of an upcoming internal audit. Are you ready for it?

Does your audit process meet NCUA regulations?

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?

Getting your Credit Union Organized for an Audit or Exam

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?

Managing Credit Union Risk Management

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.

Credit Unions and the Regulatory Burden: Disconnect, Pessimism and Risk

At your credit union, you know exactly how cumbersome regulations (and the examinations that come with them) can be.

The Hidden Risks in Credit Union Regulatory Examinations — and How to Avoid Them

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...