Grand Rapids, MI – July 26th, 2011
CU*Answers Management Services – a subsidiary of CU*Answers, recently announced that since its AuditLink service started in mid-2008, its services to credit unions had expanded and has provided combined services to several dozen credit unions in the areas of audit and compliance.
The AuditLink team stated that its suite of services is designed to reduce the added work imposed by seemingly endless regulations and compliance issues facing credit unions today. Changing conditions and factors inherent in on-going regulation changes have mandated continuous training and frequent exposure to compliance considerations with applied auditor solutions. According to a representative, future forecasts continue to indicate an even greater focus upon these areas, with stringent penalties for violators. It said this has placed an even requirement of accountability upon a credit union staff to assure these regulatory requirements are being met.
AuditLink added that in addition to an initial credit union meeting for helping determine the status and level of service desired, its dedicated team provides each credit union with an Executive Summary stating the on-going auditing activities performed, and their outcomes. They stated they then provide written recommendations designed to improve internal credit union processes, on-going procedures and staff training.
AuditLink claims its prices charged for its service is a small fraction of what is traditionally seen in the credit union industry, and that 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.