In the American financial system, audits are considered especially heinous. Across the country, the dedicated employees who endure these vicious examinations are part of an elite group known as the credit union industry.
If you’re considering Redboard for your credit union, or if you’re already using it, you might wonder how you can request new product features. Today we’ll discuss how Redboard addresses your emergent or continuing concerns in the realm of auditing software.
At this point, we’ve worked with a lot of credit unions. As such, we’ve received a lot of feedback about what it’s like to use Redboard. A couple major points about Redboard’s reported efficacy have stuck out to us.
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 knock on my credit union door, though. Nevertheless, I like to stay well-prepared: instead of buying bags of candy, I consult the NCUA examiner’s guide.
NCUA rules and regulations require a demonstrable level of risk management from credit unions. If you’re looking to prepare for your next examination, your best bet is to look at the NCUA examiner’s guide. In it you will find the resources that your NCUA examiners will reference for your next internal control audit.
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.
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.
Oh no! You’ve just received notice of an upcoming internal audit. Are you ready for it?
One thing is for certain: when it’s time for an audit, you need tools at your disposal. What kind of tool you need for that process depends on how much legwork and risk you’d like to take on.
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?