We recently published a new whitepaper which explores increased examiner expectations for compliance audits and talks through several important factors for credit unions to consider as they polish their best practices. The paper includes insight from us here at PolicyWorks as well as Lenny Swanger, Director of Audit Services at Centris Federal Credit Union.
“Over the span of my career, I’ve experienced countless exams and have seen the steady increase in regulations and heightened scrutiny by examiners to ensure that financial institutions are in compliance with those regulations,” Swanger says in the paper.
We advise credit unions to be aware of the following three important factors as they prepare for the future of compliance audits:
- NCUA’s supervisory priorities.
- Key components to a successful audit.
- Establishing a sound compliance management system (CMS).
The paper addresses each of the above factors, and includes thoughts on the value a third party can bring to the refinement of a credit union’s audit process.