Credit unions offer numerous advantages over banks and other financial institutions. Their services, fees, and rates are all top notch. And a good deal of that can be attributed to relatively strict rules and regulations regarding consumer...
The world of credit union compliance is both fast-paced and high-stakes. It would be enough to drive any compliance professional mad… if there weren’t ample resources on their side.
Fortunately, the NCUA is also chock-full of compliance...
There’s no such thing as an all-knowing compliance professional. There are too many rules and regulations in the credit union industry for a single person to know them all. It takes a team of experts to carry out an audit or examination in any given...
Remember way, way back in the old days at school? And how sometimes, for whatever reason, you’d get distracted for a couple seconds. And that’s when it always happened. The teacher called on you.
Are you supposed to act like you know what’s...
The world is full of best practices tips. You probably know the best way to brush your teeth. You definitely know the best way to tie your shoes. And, if you’ve been reading this blog, there’s a good chance you know best practices for credit union...
As a company that works to reduce risk, every aspect of cannabusiness puts us on edge. It’s not that we’re against it, but it is fraught territory for financial institutions.
But the fact is that many credit unions have considered...
Credit unions must perform several audits every year. Unfortunately, audits can be a major drain on your resources. So, how much does a credit union audit cost?
There’s a simple answer and a complex answer. Just for the sake of time, let’s...
Credit unions have to deal with many different kinds of audits every year. From the dreaded NCUA regulatory examinations down to technology compliance audits, there are several.
Having a sound audit process isn’t easy. Fortunately—or perhaps, unfortunately—most credit unions are well acquainted with audits. Consequently, they tend to be quite good at the whole thing.
Nevertheless, there are some areas...
For some credit unions, audits are an occasional nuisance. For others, they’re seemingly constant, all-hands-on-deck affairs.
Regardless of whether your credit union’s audit cycle is frequent and consuming or sporadic and...
Many factors impact your audit process and, consequently, your audit results. Still, the responsibility of ensuring great deliverables lies with your audit team.
There are two characteristics shared among sound, experienced audit...
There’s a lot to worry about when preparing for credit union exams. Usually, they go smoothly. Often, exams just confirm what you and your credit union already knew: that you’re on the right path.
But the stress is real.
Depending on who your auditors are—or what type of audit they’re conducting—your auditors could be looking for any number of things.
One thing they’re always looking for? Consistency.
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...
Credit union audits are time-consuming. From the first letter, to mobilizing your team, to addressing items, to coordinating and delivering documents, quite a few work-hours go toward successful completion of NCUA audits.
So, what...
Okay, we get it. Audits aren’t easy, and there’s no secret hack to make them less difficult.
However, a little preparation never hurt. In fact, even an ounce of preparation could end up worth about a pound of cure. (We’re not sure...
Halloween just came and went. This year, several dozen pop-culture references, cartoon characters, and rotting undead paid visit to my door. They said, “trick or treat,” and in return, I gave them candy. Examiners aren’t quite as charming when they...
It doesn’t matter if you’re the biggest credit union in the world, or if you’re small but mighty: you’ll have to do an internal audit. During your internal audit process, one of your biggest keys to success is tracking your data.
Assessment of risk and finding ways to mitigate it are critical components to a successful internal audit. Here are a few strategies for your credit union to consider the next time examiners come a-knocking.
Oh no! You’ve just received notice of an upcoming internal audit. Are you ready for it?
Get FREE Access to the Audit Checklist for Credit Unions!
