Audit software for credit unions can provide significant value throughout the entire course of each audit. Each automated task contributes value. The same goes for stored communication, archived audit materials, automatically-generated audit trails, and simplified delivery systems.

But those are individual tasks. Certainly, each of them provides value. But how much value?

 

Does the value contributed by reducing the manual complexity of a task have any greater, overarching effect?

Most importantly, if the answer is yes…

What is that great, overarching effect? And can it be measured?

Overarching Effects

Calculating the ROI of credit union audit software isn’t easy. However, there are a couple of somewhat-quantifiable benefits that come from all the small things the software does.

Those benefits fall into two (somewhat nebulous) categories. Those two categories are the effects of reducing the manual complexity of audit tasks.

Those two effects determine the value of audit software to your credit union. They are time savings and effectiveness. Here’s what each effect means.

1.  Time Savings

Time savings is pretty straightforward. Really, this is just a catch-all category for any number of audit tasks that take less time after the introduction of audit software for credit unions.

Time savings comes from a few things.

First of all, audit software for credit unions introduces automation into the mix. Automation reduces formerly-complex manual processes into simple point-and-click ones.

Second, audit software provides an audit management platform that encompasses all stages of the audit. It also replaces other tools that might be otherwise necessary.

What kind of other tools?

Well, by using audit software instead of email, you can communicate with your audit team through the platform. This keeps your audit-related communications in the same place as your due dates, your documents, and so on.

Finally, as a result of the storage, organization, and archival abilities of audit software, credit union audit teams can access older material more easily. This comes in handy when new audits ask questions that appeared in older audits. It also helps credit unions see how they handled previous findings and recommendations.

A credit union’s ability to leverage the past is a critical asset in the timely completion of audits. Keeping all audit information in one place makes finding older information easy.

2.  Effectiveness

Whereas “time savings” comes from the aggregate time saved from simplifying and automating various tasks, effectiveness is more about outcomes.

Effectiveness has to do with efficiency and best practices, too. However, effectiveness ensures not only that processes occur, but that they occur consistently and on time.

Finally, effectiveness means that audit teams deliver complete, accurate, timely documents and reports.

Measuring effectiveness is a little harder than measuring time savings. It’s not impossible, though—it’s just not quite as quantifiable. Some ways of measuring effectiveness include:

• Assessing the quality of your deliverables
• Reviewing the efficiency of your processes
• Watching progress and adherence to due dates

Measuring the difference before and after bringing on audit software for credit unions can paint a clearer picture of effectiveness.

How Other Credit Unions Value Audit Software

Audit software for credit unions is still new to the market.

Still, the early returns are in:

Read how Point West Credit Union put their audit software to good use, shortening the time their audits take by 25%!

Time savings and effectiveness contributed significantly to their audit process. While the 25% time savings is an easily-quantifiable number, it doesn’t tell the whole story. However, their case study might.

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