AuditLink’s Auditing Services work hand in hand with monitoring. Every financial institution and business should benefit from the outcome of performing an audit. Audits should be performed both internally and externally. Each with its own findings, every audit should be performed with the intent to improve a process. Just as monitoring provides a benefit to a business process, correction or improvement, your audits provide the same benefit to your organization. Selecting the right business partner for our organization is imperative. Experience, knowledge and insight are important factors when selecting your partner. With over 30 years in the credit union industry, AuditLink is well equipped to assist. Seven specialized programs have been created:
Concentration Risk Analysis
Five step process which includes the upfront analysis of portfolio segmentation, data identification, redesign of ALL calculations, determination of model variables, and economic drivers will be determined. Steps two and three involve classification in accordance with their specific segments and changing security codes. And step four and five involve testing and determining risk, board approved limits, and generating the final reports.
AuditLink Upfront Engagements
This is a two to three-day on-site visit, designed to be a complete review of credit union policies and procedures pertaining to member interaction and service offerings that are governed by consumerrelated government regulatory agencies. This comprehensive engagement includes review of all credit union policies, practices, employee security settings, member disclosures and supporting core system configurations. Some of the areas examined include Truth and Savings disclosures, Funds Availability policies and credit union reserve requirements.
CU*BASE Application Security Review
One of the most painstaking tasks a security officer performs is the review of all employee access points to the CU*BASE platform. In many cases it is just an issue of finding the dedicated time to sit down and review every menu option each employee has been granted and adjust according to job description, risk, and segregation of duty. AuditLink can help. Our team has performed reviews for credit unions for over 5 years and can help you systematically review, evaluated, and update your security with a constant theme of risk mitigation and employee efficiency. Depending upon the size of the credit union these sessions last between four and eight hours. No travel is required as they are completed via web conference.
This is a consultation where AuditLink will evaluate all the credit union configuration relative to compliance with a myriad of regulations. Very much like credit unions do during conversion but with a focus on what has changed in the compliance arena the effect of those changes on configurations. Over 20 different areas will be reviewed for adherence with regulation and for those that need attention. We cannot guarantee the event will pay for itself but generally speaking it does and some.
ALM model assumptions are under intense scrutiny by regulators and proving and understanding those assumptions will determine the overall evaluation of your ALM program. An important component of ALM, NEV, is one of those calculations where assumptions play a critical role in the math which is used to derive that crucial number. Average duration of each non-term share account is one of the variables which regulators are honing in on and since the OTC no longer exists there are no national standards which can be utilized to back your assumptions up. That is where AuditLink can help. AuditLink utilizes the flagship CU*BASE account retention dashboards to analyze and provide you with solid average duration statistics which feed your ALM model. Best of all we use your data to prove the duration numbers.