A New Approach to Compliance
By Ken Agle
Audit. Examination. Review. While these words tend to make most credit unions cringe – what are they really? Broken down to their most common element, they are a series of questions and answers aimed at evaluating performance—your credit union’s performance. The Auditor, Examiner, Reviewer is the inquisitor and your credit union, using a nicer term, the responder.
If you’ve ever experienced a rapid series of Audits or Examinations you know how challenging it is to prepare and respond to those requests. Compiling materials and answering questions that take time away from day-to-day operations and your focus on serving members. The effort can be unrelenting. Today’s world of Audit, Examination and Review information gathering, analysis and reporting is like an old scratched record that keeps playing the same thing over and over and over and over again. The entire process is archaic. There has to be a better, smarter, more efficient way.
Introducing NeighborBench.
What makes NeighborBench so powerful? The answer lies in understanding how Audits, Examinations and the like are conducted and fusing that knowledge into technology – technology that both channels the information effectively and efficiently, but also retains and learns from your responses. From there NB serves as a powerful distributor of its infused knowledge so that the information gathered can seamlessly serve a wide array of users, including you. Now that’s innovation.
How does it work?
Neighbor Bench’s Interface asks questions just like any good Auditor would. But unlike a typical audit questionnaire that goes almost nowhere past that particular audit, the information gathered from NB flows into an array of resources beyond a mere audit. For example, the information you provide allows NB to not only generate policies and general procedures, but also allows NB to generate a risk profile and enhance audit efforts. But that is merely the beginning because NB is about intelligent sifting of information where that information is not only guided for future responses, but remains accessible for key parties.
NB’s approach is different. It isn’t a Gotcha approach, but a seamless and transparent use of information for those needing that information. After all, it isn’t about finger pointing it’s about getting it right in an efficient manner.
Learn more about NeighborBench’s new approach to compliance during a live web demonstration on Tuesday, October 25th. Reserve your place! (webinar info)
