CU*Answers Managed Services, a subsidiary of CU*Answers, recently announced that its AuditLink service to credit unions continues to grow and is now providing a full suite internal audit review, monitoring and reporting services to dozens of credit unions utilizing the CU*BASE® member processing system. AuditLink is a credit union’s execution arm for tackling auditing and compliance related requirements.
AuditLink stated its suite of services is designed to reduce the added work imposed by seemingly endless regulations and compliance issues challenging credit unions today. Future forecasts continue to indicate an even greater focus upon these areas, with stringent rules and penalties for violators. This has placed an even greater criteria of internal accountability being required to assure these regulatory requirements are being met. In addition to an initial credit union meeting for helping determine the status and level of service desired, AuditLink’s dedicated team provides each credit union with an executive summary stating the on-going auditing activities performed and their outcomes. Written recommendations are designed to improve internal credit union processes, on-going procedures and staff training.
In addition to its consultative services, AuditLink also provides daily auditing monitoring and reporting services and prices charged for its service represents a tiny fraction of what is traditionally seen in the credit union industry. Most clients for which it performs services have saved many thousands of dollars as compared to alternative providers, updating internal credit union procedures performed and or performing daily monitoring/ reporting management services.