The Future of Remote AuditsJuly 21, 2021 7:30 am
By Donya Parrish, MCU VP- Risk Management
Now that we seem to be moving away from the “year (plus) of COVID,” it is a good time to look at what worked, what didn’t, and some lessons we’ve learned. I think one of the things we found was that not all meetings have to be in person. Zoom is a wonderful technology that connected us to speakers, loved ones, doctors, and more without having to travel or take time away from our daily lives. Of course, it has its drawbacks, but in life we often balance pros and cons.
One area that credit unions were forced to “go remote” with little to no preparation or planning was for their audits. In this article, Remote Auditing is Here to Stay, the author writes that auditors need to continue to “Adapt and change! It is the only way that we can move forward in the current environment and continue to add value to our organizations!” He lays out some valid reasons for the shift, including helping to reduce turnover in the industry. Travel cost and time is always a factor in Montana, especially when there is a limited pool of available auditors in or near our state to begin with.
As you plan for the future of your credit union, try to avoid just going back to the “way we have always done it.” Instead, see if now is the time to make a leap of faith into balancing technology, cost, time, and efficiency. Your audit process may be a place to review for the shift. You don’t have to have all audits done remotely, and you may not have the processes and comfort level to ever do it all remotely. But, if you can gain value with a shift in some places, that might be a way to start.
Now, don’t forget that hugs are not possible in a remote environment. To keep the exit interview professional and appropriate, your auditor might prefer an emoji or virtual high five anyway!
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