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...
We’ve said it before, but we’ll say it again: audits aren’t exactly fun. Sure, there are some interesting aspects to it, but by and large, they tend to be tedious affairs punctuated by the occasional stressful deadline.
Various types...
In last week’s blog, we looked at three common credit union audit risks. In this week’s blog, we’d like to offer two ways to mitigate those risks.
In case you don’t want to read the whole blog from last week, we’ll give you the highlights....
Credit unions deal with countless compliance demands. It’s just part and parcel of the credit union industry.
Credit union compliance resources come in all shapes and sizes. Some people, including the nice folks at the NCUA, offer...
What is audit productivity software? Does it include traditional office applications like Excel, SharePoint, and Outlook? And what differentiates specialized solutions from traditional ones?
Credit unions who want good audit results might consider audit automation software. But what are their options?
The way we see it, there are essentially three different options for credit union audit software. All of them can...
Audit software for credit unions can provide significant value throughout the entire course of each audit. Each automated task contributes value. The same goes for stored communication, archived audit materials, automatically-generated audit trails,...
So, one thing I’ve learned is that when you explain a joke, it generally stops being funny. But this is about credit union audit software, what it costs, and what it provides for that cost. So please, bear with me.
One of the things we talk about a lot in this blog, whether explicitly or not, is the credit union audit process. In fact, improving the audit process is what we’re all about.
But what does it mean to have an effective audit...
Audits must be performed frequently to ensure proper operational practices and compliance. Most upper-level credit union employees are familiar with audits. After all, upper-level employees are the experts, and leveraging experts is a critical...
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