Audit Readiness Checklist for Banks & Credit Unions Audits and exams are a given - but stress doesn't have to be. Use this quick, institution-wide checklist to identify gaps early, organize documentation, and walk into exam day with confidence. Quick Audit Prep Snapshot- Policies are current, accessible, and track staff acknowledgment
- SOC reports & critical vendor docs are organized and retrievable
- Compliance contacts & escalation paths are clearly posted
- Contracts include review dates & expiration alerts
- Recent procedural changes are documented and communicated
- Forms and workflows reflect current processes (especially Lending & IT)
Detailed Audit Readiness ChecklistWork through the categories below before your next exam: Policies & Documents- Single, controlled source for policies, procedures, and SOPs
- Version history available for exam review
- Acknowledgment required for high-risk policies (BSA, InfoSec, OFAC)
Vendors & Third Parties- Latest SOC reports stored and dated
- Contracts linked with renewal reminders
- Risk ratings & review notes documented
Access & Security- Role-based access to sensitive docs
- Periodic access review & attestation
- Audit log or change history available
Change Management & Workflows- Documented change approvals for key systems
- Automated routing for IT, Lending, or Ops changes
- Historical record of who approved what, when
People & Training- Training schedules & completion records tracked
- Staff roles mapped to required policy acknowledgments
- Branch communications archived for examiner review
Built-In Tools Can HelpSimplifyIT helps banks and credit unions stay audit-ready with secure document storage, policy acknowledgment tracking, form automation, vendor management, and role-based access controls - all in one place. Need an Intranet-Specific Checklist?If you're preparing to show examiners how policies, access, and acknowledgments are managed inside your intranet, see our focused guide: What Examiners Want to See in Your Intranet. Need a Quick Review?Not sure where your gaps are? Reach out for a free consultation, or watch a 5-minute demo to see how SimplifyIT supports compliance all year.
Common Questions
When should we start audit prep?
Many institutions do a light review quarterly and a deeper review 30-60 days before an exam. Keeping policies centralized and versioned year-round makes pre-exam prep far easier.
Do examiners look at vendor management documentation?
Yes. Be ready to produce SOC reports, contracts, renewal dates, and documented risk reviews for critical vendors.
Is storing policies in shared folders enough?
Shared drives rarely provide version history, acknowledgment tracking, or controlled access by role. Examiners increasingly expect more structure.
How often should we review audit readiness?
At least quarterly, or whenever there are major changes in policies, vendors, or procedures. Some institutions make this part of their monthly risk review.
Does this replace an internal audit?
No. This checklist is a quick self-assessment tool to catch common gaps. Internal audits or third-party reviews should still be part of your compliance program.
What's the easiest way to stay audit-ready year-round?
Centralize your policies, contracts, and workflows in a secure, searchable system. Automate reminders for reviews, and track acknowledgments digitally.
Where can I find an intranet-specific compliance checklist?
|
Published August 29, 2025
Too many financial institutions only prepare for exams in bursts. Year-round compliance - powered by version control, acknowledgments, and audit trails - eliminates stress and builds trust.
Published August 25, 2025
During audits, examiners don't just look for policies - they look for proof of control. Learn how banks and credit unions use intranet tools like version control, audit trails, and acknowledgments to show real compliance.
Published August 22, 2025
Policy updates often fail because staff never see them, don't know what changed, or can't confirm receipt. Learn how banks and credit unions use intranet tools like acknowledgments, version control, and audit trails to make updates stick.
|
