Recently, we wrote about how credit unions can save time in completing their audits by using audit software to manage their process.
It’s true—credit union audit software can save audit teams a considerable number of hours on their normal duties. The added efficiency from audit software is great, and everyone likes to cut down on the hours they spend on tedious, routine tasks.
But what can you do with the time you save?
We’ve got a few ideas about how to capitalize on your credit union’s newfound “free time.”
1. Reinvest That Time Back into Your Audit
It’s not the most exciting idea on our list, but it’s extremely practical.
Conservatively speaking, if you cut 10% off the time it would usually take you to complete your audit duties, then you’ll have more than a few hours left per week.
Usually, that time would go toward completing your audit. Now it’s unassigned time.
So, why not put that time right back into completing your audit?
I know what you’re thinking:
If I just saved time in completing my audit, then why would I want to lengthen my audit process? Shouldn’t I do something else?
Well, that depends. Certainly, the time you save on audits is your own, and you’re in the best position to decide how to use it. However, here’s how we see it:
You were going to devote that time to the audit anyway. Reinvesting your saved time back into the audit ensures a few things:
- Closer attention to details
- More comprehensive answers
- Opportunity for thorough review
- Higher quality deliverables
Not only that, but you can accomplish all the above with less stress. You’ll know that you’re under less time pressure than usual, which can keep you fresher and more alert than usual.
Think of it this way:
Have you ever wished you had just a bit more time to finish an audit? If you could devote a few more hours—or days—toward completing your audit, would you feel better about your final delivery?
If yes, then reinvesting time back into your credit union’s audit is a natural place to begin.
2. Devote More Time to Strategic Priorities
Especially at smaller credit unions, not all audit teams are made up of full-time internal audit staff. Instead, they’re comprised of expert employees in other business areas.
Audits can take a lot of time from other critical daily duties. For these employees, time saved on audits can be easily put back into the credit union. Saving time by using credit union audit software means that departments aren’t effectively operating one or two people short whenever it’s time for another audit.
We know, we know:
It’s not exciting to hear that you can use the time you saved doing one job to better focus on another.
Still, audits can only help your credit union guarantee risk management and compliance. They let you and your members know that you’re taking steps to follow the rules for their safety and yours.
Other strategic priorities are what really keep your credit union running, though. Whether it be IT maintenance, business development, or other member-facing initiatives, saving time on audits to work on strategic priorities is key to providing the best services to your members.
3. High Fives and Handshakes
Let’s be honest:
Even if you save a conservative 10% on the time that it would normally take your team to complete an audit, you and your team have earned a few high fives and handshakes.
Reducing your audit time by more than 20%? Well, you might be in mocha latte or cupcake territory, there.
Either way, a job well done deserves a little celebration.
FREE: Audit Checklist for Credit Unions
4 key principles and 9 questions to jumpstart your audit planning. From leading credit unions.Additional Audit Resources for Credit Unions
Audits don’t just take a lot of time—they can also be stressful, long-lasting affairs. We’ve done our best to create and compile some helpful resources for your credit union’s next audit.
First, check out our helpful credit union audit checklist. We designed it to help you keep track of what you’ll need to stay on track, from before your audit begins until after you’ve delivered your documents.
You can also follow the links below to explore other helpful blogs as well.
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
