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Internal Auditing Critical Tool in Risk Management Toolbox
Thursday, October 10, 2013 6:45 AM

Internal auditing is a critical tool in the risk management tool box. Utilizing a systematic and disciplined approach, internal audits help organizations assess operational effectiveness and efficiency. Chad Stanislav, vice president of Credit Union Resources’ Financial & Technology Resources, says conducting periodic internal audits is good business practice.

“An internal audit can help an organization identify weaknesses in the credit union’s operations that could pose a significant threat to its safety and soundness,” notes Stanislav. “Internal audits also highlight opportunities for improvements that ultimately will help mitigate potential risks.”

Credit unions large and small can benefit from an internal audit. If your credit union is considering an internal audit, Stanislav says it’s important to understand what are your goals, objectives, and expectations. And when determining the appropriate time to conduct an internal audit, Stanislav says credit unions should take into consideration such things as significant “climate” changes, department restructuring or reorganization, and changes in policies, processes, equipment or management. 

If you have identified that an internal audit is necessary and do not have the internal resources to perform the internal audit function, Financial & Technology Resources provides a broad range of services to help credit unions strengthen their internal control and risk management, assessment and monitoring. 

For more information, please visit www.curesources.coop/financial_auditing.html.