Evelyn Loves Audits
in League Initiatives
By: David Frankil, NJCUL President/CEO

Most of us consider audits to be a necessary evil, a view which is reinforced by the Cambridge English Dictionary definition of necessary evil as "something unpleasant that must be accepted in order to achieve a particular result."

I think doing your income taxes also falls into that necessary evil category. If you’ve ever seen the Odd Couple, recall Felix Unger, who so enjoyed doing his taxes that he always submitted his return on the first possible day in January. There was an episode where Felix panicked when he was summoned to the IRS, thinking the worst – only to find out they just wanted to meet the person who submitted his taxes so early and organized so neatly, with tabs and color-coded sheets.

For any business, audits are part of a system of checks and balances that –

  • Confirm the validity and reliability of various kinds of information
  • Uncover mistakes
  • Review internal controls
  • Flag issues for Board and management review
  • Make recommendations for process improvements

Of course, credit unions also face a host of additional audit requirements set by our regulators that go beyond good business practice.

Well, I’m proud to say that we have our very own Felix Unger at NJCUL – Evelyn Shyposh. 

But we’re not talking taxes, it’s for audits – Evelyn loves audits.

Evelyn has over 20 years of experience in financial services, and specifically over 10 years of experience in compliance and internal audit. Evelyn joined NJCUL at the beginning of 2016, as part of our Shared Compliance team.

For those of you that might not be familiar, we rolled out a menu of specific audit solutions for NJCUL members in January, 2017.  The value drivers are the same as for our Shared Compliance Program - top-notch people and below-market prices for a mission-critical activity, as a benefit of NJCUL membership.

A sampling of the audits available from NJCUL (really, just the tip of the iceberg):

  • Bank Secrecy Act Risk Assessment
  • Enterprise Wide Risk Assessment
  • Scope of Annual Supervisory Committee Audit
  • BIA/Risk Assessment
  • Web site Review
  • BCP/Disaster Recovery
  • 'Red Flag' - Identity Theft
  • Data Security Program
  • Network Review
  • And more!

As you look to budgeting for 2018, please take a look at our audit solutions – the odds are that we can reduce your costs and still provide great service. Plus you’d make Evelyn’s day!

For more information on the NJCUL audit solutions, click here or contact Nicola Foggie, Vice President, Compliance & Regulatory Affairs, at nfoggie@njcul.org