Virtual audit capabilities expected to reduce compliance costs and set the stage for strategic growth
Virtual StrongBox, Inc. and CU*Answers announced today that the two companies have teamed up to transform compliance and audit processes for its credit unions and auditors. AuditLink, the audit and compliance division of CU*Answers, will use Virtual StrongBox’s secure platform during virtual audits to ensure that sensitive information remains safe while engaging in the exchange of private and financial information with a compliance team member.
Financial audits and regulatory exams have become a major expense for credit unions. Auditors and examiners often must be onsite for four or more days, incurring considerable travel expenses that credit unions must reimburse.
“AuditLink is a great example of an organization transforming the way work will get done in the future,” said Ron Daly, president & CEO of Virtual StrongBox. “Our platform will eliminate the need for planes, trains and automobiles and will greatly enhance AuditLink employees’ work life.”
With Virtual StrongBox’s platform, AuditLink’s compliance team can now perform many audit activities remotely from their offices, saving time and reducing the number of days auditors must be on travel.
“Compliance is not an optional item for the credit union industry and the cost of compliance has only continued to rise for our customers,” said Marsha Sapino, AuditLink assistant manager. “The biggest return on our investment in virtual audits is that we will save both the client and ourselves time and money and enable us to expand our market reach.”
Virtual StrongBox’s technology is making it possible to work remotely and securely when exchanging files and data between the credit union and its compliance examiners. The AuditLink compliance team will be able to streamline the exam process using prebuilt checklists and granting credit union employees access to quickly provide required documents in a collaborative, easy-to-use digital experience.
“We are excited about the AuditLink and Virtual StrongBox partnership and the doors it will open for changing the way we perform audits and allow us to grow our business,” Sapino concluded.