4 Tips for Faster, Easier Loan Management Audits

Audits and exams are stressful—and time-consuming. Preparing for an audit or exam involves a lot of document-related activities, which is why a system like AccuAccount can prove to be incredibly useful. AccuAccount offers a built-in audit and exam prep workflow that helps financial institutions save time and reduce stress.

Here are four tips for enabling faster, easier audits with the help of AccuAccount.

1. Proactively Manage Exceptions

Minimizing document-related exceptions is one of the best ways to avoid panic during audits and exams. Reducing exceptions requires a proactive approach, smart processes, and reliable technology. Automated exception tracking and reporting in AccuAccount makes it easier to stay ahead of document-related issues—before they become critical exceptions. And, that means fewer surprises at audit or exam time.

2. Quickly Drag and Drop Missing Documentation

Even the most proactive financial institutions still encounter document-related exceptions. AccuAccount simplifies the process for requesting missing documentation, such as updated insurance documents and financial statements. Sending email notices with links to your secure portal offers customers or members a convenient way to provide documentation. Once provided, simply drag and drop documents into AccuAccount.
 

3. Generate Audit and Exam Files in a Few Clicks

Generating a review file for auditors or examiners is a point-and-click process in AccuAccount. Staff can search for, find, and add requested information into an electronic review file—with less effort compared to paper loan files or disorganized network drives.

Exporting the audit file to a disk, flash drive, or another secure location accelerates the delivery of requested information to auditors and examiners. In addition, the financial institution enjoys an efficient, repeatable workflow with minimal learning curve. It’s a win-win.

4. Make Life Easier and More Automated for Auditors and Examiners

Auditors and examiners appreciate streamlined access to relevant information. With AccuAccount, information is neatly organized into an intuitive digital experience that “looks like” a traditional loan file. Searching through mountains of paper becomes a thing of the past, making it considerably easier to locate documents and understand relationships. In some cases, auditors or examiners may be able to perform some—or all—of their work remotely, opening the door to incremental savings.

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