Internal controls. Set them up well and nobody seems to notice. Set them up poorly and bad things usually follow…often financial losses. Make them too tight, it slows down member service. Make them too loose, employees may be tempted to do bad things. The key is to find the right balance.
This webinar will provide fundamental audit steps to ensure that internal controls are appropriately strong in key areas. These are controls every credit union should be aware of and monitor – but in the busy financial services world, these controls may be overlooked, not be set up properly, or not carried out adequately. This session will look at internal controls designed to protect the credit union both from internal fraud or error and external fraud via electronic means, including controls in teller operations, the accounting office, lending and collections, member services, and other areas.
Recorded Tuesday, October 7, 2014
Attendance certificate provided to self-report CE credits.
- Who must ensure adequate internal controls exist and are working?
- What are the best ways to protect members' plastic cards?
- Is there any way to protect against ATM skimming?
- What are the best controls in cash handling and cash ordering?
- Are there control risks in lending? What are they? How should they be limited?
- What are the basics of internal controls over general ledger accounts?
- How can dormant and inactive accounts be protected?
- Are there risks in repossessed collateral?
- TAKE-AWAY TOOLKIT
- A risk assessment worksheet
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for anyone in operations or the audit function, including Supervisory Committee members, internal auditors, external auditors, accounting personnel, supervisory personnel, lending managers, operations managers, branch managers, and CEOs.
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.