In the last few weeks, we’ve written a bit about some of the benefits of credit union audit management software. One of the primary takeaways is that credit union audit software saves time in the audit process, and credit unions are putting that time to good use.
But just saying that audit management software will save your credit union time doesn’t illustrate much.
So, to give you a better picture of how and why some simple software makes audits easier, we’ve compiled a short, not-entirely-exhaustive list.
Fun with Automation
First of all, before we even get into the nitty-gritty details, let’s just come out and say it:
Many of the time-saving characteristics of credit union audit management software come from automation.
Automation removes the need for too much manual input. Manual input can turn any task into a tedious one, and tedium increases the chance for glazed, expressions, lost focus, and human error.
The easiest way to increase a person’s productivity is to streamline their easy tasks that eat up valuable time. Automation often can help one person accomplish the work of two, three, or even ten. While Redboard’s automation won’t do the audit for you, it will at least handle the details.
But which details, you ask?
1. Communication and Coordination
Audit management involves a lot of communication and coordination. While email certainly works for that, it can also be a little tough to keep email organized.
Whether you strive for inbox zero, strictly-controlled organization with various subfolders, or just try to keep the mountains of daily spam from crowding out critical work-related communications, your email inbox is not a good file management system, nor is it a perfect record of correspondence.
Credit union audit management software keeps all audit-related communications secure and in one place.
2. Version Control
Have you ever wondered if the document you’re working on is the right one? Is it the latest? Does it reflect the changes your team members made, or are you working on an outdated version that will have to be reconciled later?
Audit software takes out the guesswork involved in version control. You’ll never have to worry that multiple versions of a document are getting shared and updated independently of one another.
3. Building an Audit Trail
Building a robust audit trail is one of the most important tasks in preparing and delivering a strong audit. You need to know who did what when, and why.
Audit management software automatically builds an audit trail for you. Your team and your auditors will never have to ask (or guess) about who completed a task, or why a document was changed.
All the answers are right there when you need them, and you don’t even have to think about it.
4. Managing Schedules and Due Dates
Audit management software helps keep track of team members, due dates, delivery schedules, and more.
For example, Redboard shows you what’s due, when it’s due, and who’s working on it. If things start to slide off schedule (or if someone needs a gentle reminder to get rolling on something), notifying them takes only the click of a button.
Good audit software will give you a full picture of all moving parts in an audit.
5. Delivery
Many audit teams go through a lengthy checking-and-double-checking routine before sending off deliverables. It’s a good practice that safeguards against missing items, incomplete documents, and so on.
However, providing a strong framework and automated collection and delivery drastically cut down on the review and delivery portion of the audit process.
6. Archives and Audit Trails
Have you ever needed to look over past audits, findings, or results? Have you ever had an audit trail so long that the people who worked on it had only a foggy memory of the whole ordeal?
Audit management software for your credit union keeps all your audits—both ongoing and past—in a secure, central hub. Audits are organized and filed away for easy access.
Why Does This Help?
The vast majority of credit unions are well-versed in audit management. They’ve developed best practices and they’ve honed their process.
The truth is, credit union audits are already very efficient, thanks in no small part to the people working on them.
Credit union audit teams have very sound audit processes that require a lot of attention to detail and making sure that all ducks are in a row. That doesn’t happen magically. It doesn’t come together intuitively. Teams spend a lot of time creating and honing their audit process to make it as bombproof as possible.
Unfortunately, credit unions don’t always have the best tools for the job. Spreadsheets and email work, but they slow things down.
Many audit processes are manual and inefficient. Audit management software introduces automation and efficiency into the audit environment.
The result?
The manual processes are taken off your hands. The platform handles that. Instead, you and your team can fret less about managing the process, and focus more on addressing the audit itself.
FREE: Audit Checklist for Credit Unions
4 key principles and 9 questions to jumpstart your audit planning. From leading credit unions.Further Reading
We’ve been working to provide credit unions with access to valuable resources for their audits. One of the things we’ve put together is this credit union audit checklist, which outlines what you’ll need during every step of your next audit.
You can find additional information about credit union audits and exams in the links below.
HOW THE NCUA AIRES QUESTIONNAIRES CAN HELP YOUR CREDIT UNION PREPARE FOR YOUR NEXT REGULATORY EXAMINATION
THE HIDDEN RISKS IN CREDIT UNION REGULATORY EXAMINATIONS — AND HOW TO AVOID THEM
