Features. What can we say about features? It seems that every service, every computer program out there wants to boast dozens upon dozens of features. Right now, there’s more than one specialized audit software touting features.
But at some point, enough is enough. And yes, we’re talking about features—and the constant bragging on them.
What good is a feature if it’s too difficult to use? Or if it takes longer to learn than it takes to do things the old way?
So, here are two features that every specialized audit software program needs.
Feature 1: Ease of Use
Audit software comes in many varieties. Some offer countless features and integrations that, in theory, make for a very powerful tool. And, in the hands of dedicated audit teams and power users, that software can be quite robust.
But once that software leaves the hands of power users, it’s complicated and unwieldy. And especially in the credit union industry, audits include people outside dedicated audit teams.
Those people should need a day of training to accomplish a task that will take them five minutes.
Specialized audit software should be easy to use. The whole point of it is that it makes audits easier and less complicated. All the bells and whistles in the world aren’t worth a thing if nobody knows how to use them.
Feature 2: Increased Accountability
Let’s just state the obvious here: Audits require assiduous attention to detail—and that includes meeting deadlines.
Basically, accountability is necessary in audits. So, specialized audit software should increase accountability. What does this mean?
It means that when tasks need to be completed, they’re completed accurately and on time. Or when you need to address findings, you work through the management response and remediation process accurately and on time.
And it should be the right people handling these things. Whether they be dedicated audit team members or business users, they should know what to do, and when. (Yet another reason to ensure ease of use.)
Are These Even Features?
Ultimately, the two biggest features of good specialized audit software are barely features at all. Rather, they’re more like design attributes.
But the fact is that many programs weren’t designed with these two attributes in mind. Some can get bloated, making it difficult for infrequent users to use them or contribute to the audit process. Others include features that your credit union will never, ever need.
Either way, you’re paying extra for something complex when you don’t need it.
Of course, the same could be true even with lightweight, easy to use tools like Redboard. If your credit union rarely conducts audits, only involves a couple people, and never drops the ball on anything?
Well, maybe spreadsheets and email work just fine for you.
But here are a couple resources to help you with your next audit or examination anyway:
- Our audit and examination scorecard will help you pinpoint areas where you need work.
- This audit checklist for credit unions will get your team—and your documents—prepared
- The audit tool ROI calculator lets you know if you’re getting your money’s worth from your specialized audit software
FREE: Audit Checklist for Credit Unions
4 key principles and 9 questions to jumpstart your audit planning. From leading credit unions.Further Reading
Thanks for reading! We’re happy to develop better ways for credit unions to navigate their audits and exams. We hope this was helpful.
But if it wasn’t, fear not! We try every week.
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ONE IMPORTANT REMINDER ABOUT CREDIT UNION AUDIT RESOURCES
WHAT YOUR CREDIT UNION SHOULD KNOW ABOUT AUTOMATED AUDIT WORKING PAPERS
