PolicyWorks: Examiners are raising their expectations of compliance audits


DES MOINES, IA (April 5, 2017) — In a new white paper written for credit union executives, regulatory compliance firm PolicyWorks explores increased examiner expectations for compliance audits and talks through what it says are several important factors for credit unions to consider as they polish their best practices. The paper includes insight from PolicyWorks Director of Audit Services Bambi Helm, 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.

Helm advises credit unions to be aware of the following three important factors as they prepare for the future of compliance audits:

1. NCUA’s supervisory priorities.

2. Key components to a successful audit.

3. 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.

“Regulators want more structure around compliance, and the outside perspective can often find gaps in that structure,” writes Helm. “Missing items or inadequate processes and controls are easier to spot when you perform hundreds of audits on all different sizes and types of organizations. That is why many credit unions are beginning to find greater value in audit assistance from an outside partner.”

To download the white paper, “Think You Know Audits?” visit http://www.policyworksllccompliance.com/think-you-know-audits.

About Policyworks

PolicyWorks is a national leader in credit union compliance solutions. PolicyWorks has the resources, vision and experience necessary to help clients resolve their most challenging compliance issues. For more information, visit www.PolicyWorksLLC.com.