Transform your audit/supervisory function

Strengthen risk management practices to gain a competitive advantage.

Credit unions prepare for audit and supervisory activities much like we prepare for the flu or allergy season. We take proactive steps to prevent contact, sanitize items we touch, and get flu shots.

Think about the way you treat your audit/supervisory function. From anecdotal evidence and scientific surveys, the large majority of organizations view the audit/supervisory role as a necessary evil—understanding that at times, we must expose ourselves to viruses to garner immunity.

At best, we appreciate a second set of eyes to cover our backside. At worst, we manipulate that role and the information to ensure the desired outcome. Too often we fail to leverage an integral function of our organization that could otherwise deliver significant value—and actually contribute to our competitive advantage.

This neglect stems from a concern some supervisory committee members and auditors aren’t positioned—nor do they possess the necessary expertise—to function in this value-added role today. Some have limited their skills to reviewing controls and financial statements, relegating themselves to their current limited role.

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