FORUM Credit Union: Increasing audit capacity and efficiency

Introduction

FORUM Credit Union, based in Indianapolis, Indiana, manages $1.7 billion in balance sheet assets. With a growing organization, FCU needed a robust audit management solution to replace their outdated manual processes and increase efficiency.

The challenge

• Inefficient and time-consuming manual audit processes
• Need for greater visibility and control over audit activities
• Desire to align internal audits with key regulations and emerging risks

Finding the right solution

FCU selected Ideagen Internal Audit for its:

• Ability to automate and streamline audit management processes
• Features that provide complete oversight of audit activities
• Flexibility to tailor the system to fit existing processes and requirements

Implementation and impact

Before, FCU faced challenges with manual audit processes that were inefficient and labor-intensive. The transition to Ideagen provided an automated, centralized solution that improved efficiency, compliance, and risk management.

This transformation enabled FCU to conduct more audits and better manage their regulatory obligations:

• Increased their audit capacity by 35% by streamlining the entire audit process
• Saved significant staff time through automated documentation and reporting
• Enhanced compliance with regulatory requirements by maintaining an accurate and accessible audit trail
• Improved risk management by using risk-based analysis and heat maps to identify and mitigate emerging risks
• Achieved real-time assurance with the ability to track and present information quickly and accurately