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