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Findings Management Tips for Credit Unions
By Rafael DeLeon, SVP, Industry Engagement for Ncontracts
Every credit union inevitably faces findings. These might emerge from a compliance review, an audit, or an exam, but they serve an important purpose. They highlight areas where your credit union needs to bolster its practices.
Findings aren't negative by definition. In fact, they can be quite beneficial! Discovering your own findings indicates a functional risk management system that can proactively spot areas of weakness, including shortcomings in controls. Perfection is unattainable, and if your credit union isn't generating any findings, it may not be looking closely enough. Uncovering issues early allows you to rectify them before they escalate into larger challenges and attract scrutiny from examiners.
Sometimes, findings result from an examiner detecting an issue. It could be that your credit union's risk and compliance management systems aren't entirely in line with the examiner's perspective on risk. It's not an ideal situation, but it does occur.
