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 union audits.
So, what are the benefits of automating credit union audit processes? We’ll explore some of the more tangible benefits in this blog.
Automation Improves Efficiency
One of the most noticeable benefits that credit unions see from audit process automation is improved efficiency. This efficiency primarily shows up in one major category: the time it takes to complete an audit.
Simply put, automating credit union audit processes saves time on audits. How much time? For some credit unions, a lot—one team reduced their audit times by 25%!
That increased efficiency helps in numerous ways. One of the most important benefits of saving time on audits with automation comes from that old saying, “time is money.” Cutting the time it takes to finish audits means:
- Reduced hard dollar costs—shorter audits won’t run up the bills
- Reduced time expenditures—lowered labor costs and time investment from involved parties
- Reduced burnout—employees who spend less time on audits will stay more alert for the task at hand, and they’ll be less frustrated by the tedious nature of audits, leading to higher job satisfaction
- Increased opportunity—opportunity cost robs credit unions of the time and resources required to pursue higher-order work and member-facing initiatives
Each of these benefits are realized because of the increased efficiency and time saved from automating credit union audit processes. Many credit unions are able to reinvest their time saved on audits, adding more detail and rigor into their process. Doing that can make automation even more attractive.
Automation Improves Effectiveness
The second major benefit of automating credit union processes is increased effectiveness. Each type of audit is a little different, and many may involve different team members and business units. Establishing consistent audit processes is critical to getting dependable results.
Automation reduces the amount of manual, human input in certain areas of the audit. Audit teams can expect to dedicate less time to documentation and audit trails, managing workflows, and tracking deadlines and hot to-do items. Letting software manage minutiae means less chance of human error.
The end result of automating credit union audits is achieving consistent, repeatable processes. It ensures they know how their audit process works, that it will be timely, that it will be accurate, and that it will work time after time.
FREE: Audit Checklist for Credit Unions
4 key principles and 9 questions to jumpstart your audit planning. From leading credit unions.Further Reading About Audit Automation Software
If you’d like to read more about audit automation software for your credit unions, we’ve got you covered. Our blog is chock-full of helpful audit tips, preparation guides, and product insights designed to keep your credit union’s audit program running smoothly.
Subscribe to our blog to always catch the latest in credit union audit tricks and trends. Or, if you’d like to read more about the topic at hand, follow the links below!
AUDIT AUTOMATION SOFTWARE FOR CREDIT UNIONS: THREE SIMPLE OPTIONS
HOW AUTOMATION IN AUDITING IMPROVES ACCOUNTABILITY
