Monitoring Services

Shop Monitoring Services

Monitoring daily activities inside of your credit union is essential.  Successful monitoring programs consider process, design and continuous improvement to ensure the most effective control solution.

Verifying that the various processes and procedures that you have put into place work and continues to do so is detrimental to success. However, the operational challenges of today’s credit union can restrict them from creating a monitoring program that is separated from the people who are actually doing the work.

By utilizing the framework of AuditLink Monitoring services, credit unions are able to create programs that work in tandem to monitor performance efficiently and effectively.

7 Point Performance Monitoring

We have affirmed that activity monitoring is a must have for every credit union.  Monitoring affirms that the business processes you have put into place are indeed working. Monitoring also affirms variances, times when your process is not working. In other words, by auditing against key points in daily activities you are strongly affirming that you have a method of reinforcing to staff that your management team is watching and provides you the means to take action should problems occur. Monitoring helps to improve your process’s accuracy, effective oversight and reporting on various outcomes so that you can demonstrate your overall effectiveness as a financial institution.

Every Credit Union has 7 things they must monitor and review every day:

  1. Bank Secrecy Act Report (BSA)
  2. Wire Transfer Log
  3. OFAC Report
  4. Employee Review (High Risk Accounts and Downloaded Data)
  5. File Maintenance
  6. Transaction Reversals – Suspicious Teller Activities
  7. Dormancy

Daily monitoring can cause weariness or lack of interest creating opportunity for error to occur. AuditLink provides the relief you need to ward off potential issues allowing you to concentrate on the areas of your firm that have the potential for the greatest return.

Executive Oversight

Information is at the heart of any business process and is critical to monitoring. Metrics help the credit union to know whether an activity is improving or failing your business model.  Even when the data proves that you have missed a goal, it can provide valuable insight into the extent of the failure and possible reasons when. Information has the power to study, measure and forecast your outcomes.  For these reasons AuditLink provides a monthly executive summary outlining monitored activities and findings.