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, they’ll want to know that they’re getting their money’s worth.
Essentially, credit unions need to calculate the ROI of their audit management software. Let’s take a look at how they can do that.
The Benefits of Audit Management Software
Audit management software can help credit unions with many things—most notably, with audits. But it may also help with the bottom line. Yet, to determine whether the software is cost-effective, it’s important to also consider the intangibles.
Before we talk about monetary ROI, let’s examine a couple other benefits. Some of the additional benefits may be harder to measure, but they’re important. Your audit management software should provide some level of the following:
1. Improved audit process performance
Your credit union should enjoy fewer missed deadlines, for one. Also, you should expect a higher degree of accountability, as the software should keep everyone on schedule.
2. Increased quality of deliverables
One of the strengths of audit management software is that it keeps roles, duties, deadlines, and tasks clear. Having better vision of who must do what, and by when, will ensure that everything gets the care and attention it deserves.
3. Save time on audits
A car can get you across the country, but an airplane can get you there much faster. Just because something works well, that doesn’t mean that something else can’t work better.
Spreadsheets, emails, and other productivity tools can get most credit unions through an audit. But that doesn’t say much. Audit management software can get credit unions through an audit much faster. Time saved can be reinvested into the audit or other strategic priorities.
Monetary ROI Calculator for Audit Management Software
Measuring the ROI for any of the above items might be difficult. It’s even harder to measure ROI for things like increased audit confidence, security, or reporting. We can’t tell you how to value those benefits to your credit union.
But we can help you calculate how much money you’ll save with audit management software. It’s a very simple calculation tool, but we know that no solution is truly great unless it’s cost-effective.
Our audit management software ROI calculator works on one principle:
Our ROI calculator takes into account the following variables:
- Number of staff involved
- Staff annual salary
- Staff benefits cost
- Hours saved per member, per week from using Redboard
The calculator also measures across both audit and exam staff as well as business unit staff. Using our ROI calculator, you can adjust fields as necessary to match your credit union’s needs.
FREE: Audit Checklist for Credit Unions
4 key principles and 9 questions to jumpstart your audit planning. From leading credit unions.Impacting the Bottom Line(s)
The first bottom line is this:
If your credit union audit team spends less time on audits, then less of your staff’s pay goes toward audits. Instead, that pay will go toward other strategic initiatives. The amount of time your team saves directly affects how much money your credit union saves.
The second bottom line is what that cost savings amounts to. Is audit management software worth it? Monetarily speaking, the answer is “yes” if it saves your team a certain number of hours per year. If it doesn’t save much time, then it might not be worth it.
Download our audit management software ROI calculator here.
Or if you’re not yet using audit management software, you can see if it might be worth your time here:
Credit union audit and examination scorecard. It will help you identify areas of risk to see if you’re well prepared for your next audit.
CALCULATING THE ROI FOR CREDIT UNION AUDIT SOFTWARE
WHERE TO REINVEST TIME SAVED FROM USING CREDIT UNION AUDIT SOFTWARE
