Credit unions are facing new challenges during COVID-19. Many of their members are facing new financial circumstances, and those members are asking new questions. Credit unions are working hard to provide answers.
The COVID-19 pandemic has brought about a lot of changes for credit unions. New compliance measures. New forbearance guidance. Operational priorities.
Being a credit union auditor can be pretty straightforward. Balance risk, enhance reporting, and optimize performance. But COVID-19 threw a wrench in the standard.
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...
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...
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...
(This is part three in a series on the three lines of defense in credit union risk management and compliance. You can readpart one here andpart...
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...
The world of compliance moves fast, and new regulations emerge monthly. It’s important to keep your ear to the ground to see whatever changes are coming. And, seeing other people’s approaches—both from the regulatory side and from the credit union...
Banking has been around for millennia, which shows just how important it is to the world. However, modern banking in our collected world brings new risks and threats. Financial institutions must operate responsibly to see that consumers thrive—and...
In 2019, Boeing faced the fallout of several 737 MAX airplane crashes. As the casualties rose, engineers and regulators raced to discover what was causing the flight malfunctions.
The answer was negligence of risk management across the...
Recently, we’ve been thinking about audits and examinations. We know, we know, that’s pretty par for the course over here. But we’ve been thinking about the exact role they take in the risk reduction process. Specifically, we’ve been thinking about...
At its core, Redboard is an automated exam and audit management tool for credit unions. But secrets don’t keep well among credit union departments. People outside of audit teams saw how Redboard worked and wanted to try it out.
Now, we’ve...
When we first started working on Redboard’s automation audit tools for credit unions, we had a few things in mind. For example, we wanted it to be robust, secure, time-saving, and easy to use.
We didn’t understand at the time just how...
Features. What can we say about features? It seems that every service, every computer program out there wants to boast dozens upon dozens of features. Right now, there’s more than one specialized audit software touting features.
But at some...
It doesn’t matter if you’ve never done and audit or if you’ve completed dozens. You’re probably going to feel a little nervous. And a little exasperated. And, most importantly, you’ll wonder if you’re prepared.
We understand that worry. In...
Everyone loves a good origin story. Most superhero franchises start with a good origin story of some kind. Origin stories let people know the people and the reason behind the icons and the brands they come to love.
In that light, we want to...
Credit unions generally don’t have massive spending budgets. They can’t just toss money at products and hope they work out! No, they must be sure that the money they spend is worth it. So, if a credit union is considering audit management software,...
Credit unions deal with several audits per year. Some might even say “too many.” And each audit is a little like a math test in school:
You must prepare for it
You have only a limited time to complete...
There’s a common fear among workers in many industries. They worry that automation is going to come in, take their jobs, and replace them. While there’s a basis for that fear in some industries, we’re nowhere close to that in the realm of credit...
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