OnPath Federal Credit Union is a $625 million credit union based in Louisiana. As OnPath grew, its senior leadership recognized that audit and remediation inefficiencies were causing very real bottlenecks that stunted the credit union’s potential for continued growth.

Unable to adequately address risks, they simply couldn’t take on more. And because findings were not being remediated well, the credit union was exposed to unnecessary risk.

At OnPath, Denise Weise manages a full portfolio of mostly outsourced audits and their annual NCUA examination. “Our process was very manual,” she said. “For lengthy audits, I had to email each individual person so their items wouldn’t get lost. It was very cumbersome.”

AUDITS ARE NOT USEFUL IF YOU DON’T FIX WHAT YOU FIND

With so many emails bouncing around, she said, she had to hound people, then follow up, and yet things would still go missing or get lost. “I would get management responses, but the remediation activities would get lost. It became a constant struggle.”

“It was frustrating—for business units, too—and it would clog the flow of information, which extended the audit,” Weise said. “The process was both time-consuming and costly.”

A BETTER WAY FORWARD

Weise reports that once OnPath began using Redboard, time spent on the tedious tasks of managing the process disappeared, and they realized efficiency and time savings that “just weren’t there before.”

Now that OnPath is using Redboard, “everything is in a workflow,” she said. “It is organized. It is easy to manage. It is frustration-free. And it is super easy to use. I can see where everything is in one place.”

During a recent NCUA examination, Weise, the users, and the NCUA examiners could all see the difference. Weise was able to pull reports from previous audits and “within seconds, I had an answer for them.”  She said it was obvious, even to the examiners, how much faster they got the information they needed. “They asked, ‘What is that?’ I said, ‘That’s Redboard.’” 

OnPath’s executive management team and business units have also become fans of Redboard, Weise reports. The increased efficiency is hard to miss.

ONPATH REALIZED A 50% IMPROVEMENT IN EFFICIENCY

Weise said that she gets far more done than in the past. “The time savings for me have been fantastic. I get the audit information done in half the time.”

“Redboard eliminates the tedious tasks because it’s a one-stop shop. Click, click, click, done,” Weise said. With reporting, she “used to spend an entire day prepping to produce the information that’s needed for the executive team or for the supervisory committee. Now, it’s literally just the click of a few buttons.”

“In the past, just doing one audit would be difficult to keep up with. But right now, I am in the middle of seven audits. I am not stressing because it is all within Redboard. Without it, I would not have been able to do the number of audits or manage the number of audits that I am doing now.”

THE BOTTOM LINE IS A BETTER BOTTOM LINE

Weise said, “Redboard creates a workflow, from the beginning to the end of an audit. It creates efficiency, time savings, and cost savings. It effectively allows you to organize documents, assign requests, manage the completion and uploading of items, track, and follow up. The entire process of an audit can be done in one centralized location, which allows you to do more with less. I would definitely recommend using it.”