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.