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April 28, 2016

Credit Union Saves $200,000+ with Internal Audit Outsourcing (case study)

Client Profile

Asset Holdings: +$2.4 billion
Industry: Financial Institution
Geographic Footprint: 25+ locations
Employee Headcount: 680+

CBIZ provides internal audit outsourcing services.Issue

A credit union received a notice from the National Credit Union Administration (NCUA) to implement an internal audit function. It did not have an internal audit solution or documented controls in place and needed assistance in establishing them.

Solution

CBIZ and the credit union worked together to evaluate the credit union’s control environment. Based on the findings, we determined the credit union could benefit from an outsourced internal audit function.

We established framework to review the credit union’s operations on a routine basis and pinpointed where it could improve controls and risk management procedures related to card services, vendor assessments and management, branch administration, deposit operations, credit administration and monitoring and cybersecurity, among other functions. 

Our internal audit process elevated concerns that needed immediate attention to management. We also compiled all findings and recommendations from the internal audit into a single report for further consideration. These included best practices, such as identifying opportunities to further enhance new vendor assessments and due diligence.

Outcome

The outsourced internal audit function helped the credit union address the NCUA’s notice and saved it the expense of building an in-house internal audit department. As a result, the credit union receives an estimated cost savings of $200,000 per year.

Personalized, Timely Service

;Learn more about how our team’s responsive communication and efficiency helps you mitigate your key risks.

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Copyright © 2016, CBIZ, Inc. All rights reserved. Contents of this publication may not be reproduced without the express written consent of CBIZ. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

CBIZ MHM is the brand name for CBIZ MHM, LLC, a national professional services company providing tax, financial advisory and consulting services to individuals, tax-exempt organizations and a wide range of publicly-traded and privately-held companies. CBIZ MHM, LLC is a fully owned subsidiary of CBIZ, Inc. (NYSE: CBZ).

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