Virtual StrongBox Inc. and CU*Answers have launched a partnership aimed at improving the compliance and audit processes for credit unions and auditors.
Under the relationship, AuditLink, the audit and compliance division of CU*Answers, will use Virtual StrongBox’s secure platform during virtual audits to “ensure that sensitive information remains safe,” while engaging in the exchange of private and financial information with a compliance team member.
With Virtual StrongBox’s platform, the companies explained, AuditLink’s compliance team can perform many audit activities remotely, “saving time and reducing the number of days auditors must be on travel.”
The parties said financial audits and regulatory exams have become a “major expense” for credit unions and that auditors and examiners often must be on-site for four or more days, thereby “incurring considerable travel expenses” that credit unions must reimburse.
“AuditLink is a great example of an organization transforming the way work will get done in the future,” said Ron Daly, president & CEO of Virtual StrongBox. “Our platform will eliminate the need for planes, trains and automobiles and will greatly enhance AuditLink employees’ work life.”
Marsha Sapino, AuditLink assistant manager, commented that compliance is not an “optional item” for the credit union industry and the cost of compliance has only continued to rise.
“The biggest return on our investment in virtual audits is that we will save both the client and ourselves time and money and enable us to expand our market reach,” she added. “We are excited about the AuditLink and Virtual StrongBox partnership and the doors it will open for changing the way we perform audits and allow us to grow our business,” Sapino concluded.