How This Credit Union Halved Time Spent on Audit Admin and ReportingElevations Credit Union Realized Over 50% Efficiency Gains to Expand Audit Scope
Elevations, a US-based credit union managing $3B in assets, sought to improve its audit and risk management program to ensure visibility and assurance over a complex risk ecosystem. Brittany McKinley, Internal Audit Manager and Head of Audit at the company, turned to AuditBoard’s connected risk platform to help manage a dynamic regulatory environment and provide assurance across critical business risks. AuditBoard helped the team extend internal audit’s reach and impact by centralising audit planning and risk assessment tracking, linking audits to compliance frameworks, and enhancing audit and risk reporting. The key challenges they were facing included that 1) traditional audits and siloed data were impeding assurance for an expanding risk environment, 2) they were unable to connect internal audit and risk management to truly assess and prioritise the business impact of audit, and 3) they were experiencing difficulty in effectively monitoring regulations and keeping up with new or revised rules.
Report Snap Shot
How Auditboard solved these problems:
- Traditional audits and siloed data impeding assurance for expanding risk.
- Unable to connect audit and risk to truly assess and prioritize business impact of audit.
- Difficulty in effectively monitoring regulations and keeping up with new or revised rules.
- Centralized and dynamic audit planning and testing improved efficiency, adaptability, and scope.