Audit
An audit is a formal review or examination of records, policies, processes, and controls - typically conducted by internal teams, regulators, or third-party examiners. In financial institutions, audits are a critical component of risk management and regulatory compliance with regards to the FDIC, FFIEC, NCUA, GLBA, etc.
Audits help ensure that operations follow applicable laws and internal standards. They often require documentation trails, version history, policy acknowledgments, and evidence of task completion - all of which can be supported by a well-structured intranet.
Why It Matters
For banks and credit unions, failing an audit can result in fines, operational disruptions, or damage to reputation. A centralized intranet helps reduce audit risk by tracking policy versions, user acknowledgments, internal tickets, and more - all with timestamped history.
SimplifyIT includes built-in tools to support audit readiness, such as audit trails, version history, policy acknowledgment, and internal ticket tracking. These features ensure you're always prepared when examiners or auditors request evidence.