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 going on? Do you own up to it? Do you just blurt out random words and hope for the best until someone stops you?
It’s a terrible feeling. And we’re all happy to be done with school. But that doesn’t mean we’re safe from getting called on when we’re not ready. Credit union exams and audits can still approximate that feeling.
Let’s look at how to fix that.
Creating a Checklist for Credit Union Exams and Audits
Audits can be stressful, so it really helps going into one feeling prepared. The same is true for credit union exams. Few things are as uncomfortable as starting a rigorous investigation a few steps behind.
At Redboard, we’ve already created a credit union audit checklist free for use. However, we understand that every credit union is different—consequently, our one-size-fits-all checklist might not actually fit.
So, if you’re creating your own checklist…
Make sure the following two considerations are well represented!
1. Include a robust accountability process
The frantic choreography of credit union exams and audits require that all team members contribute—and contribute on schedule. That means your people must be accountable. It also means they complete every task on time and as expected. That goes for any of the following:
- Document requests
- Research tasks
- Addressing findings
- Management responses
- Remediation
This kind of accountability also requires that you have proactive processes for when things don’t go as planned. If something’s running a bit late, you should know what’s up ahead of time. (It shouldn’t be a surprise.)
Your process should cover how to communicate what’s going on, why, and what to do about it.
2. Consistent workflow for findings
There will always be findings. They may be good, or they may require a little extra work. Not to worry there.
But for the findings that require a little extra work, you’ll need to ensure a consistent process in how you address them. It doesn’t matter if they’re small things you can address in minutes or if they’re larger issues that take weeks or months to complete. They should go through the same rigorous process.
So, it’s helpful to identify stages of that process. Your credit union’s exam and audit checklist should cover each stage, such as:
- Management response
- Review
- Remediation
- Validation
- Completion
You should run through the same steps each time. Consistency is key for these kinds of things!
FREE: Audit Checklist for Credit Unions
4 key principles and 9 questions to jumpstart your audit planning. From leading credit unions.Further Reading
Gearing up for credit union exams and audits isn’t exactly fun. But it’s better than getting called on and being totally unprepared. (The whole class might laugh at you!)
Although you may be very well prepared, it never hurts to go the extra mile. Subscribe to our blog for weekly tips and resources for credit union compliance. Or follow the links below to see some audit preparation tips and our helpful audit and examination scorecard. (It shows you where you’re set and where you need work on your next audit or exam.)
AUDIT AND EXAMINATION SCORECARD
HOW TO PREPARE FOR AN AUDIT: 11 AUDIT EFFICIENCY TIPS FOR CREDIT UNIONS
