For many credit unions, implementing an effective internal audit and risk management program can be overwhelming. Waypoint evaluates, improves, and implements programs at a low cost.
- Quality Assurance Reviews: Waypoint performs an independent, external assessment as required by the IIA Standards. The review can assess internal audit’s performance, recommend improvements, and ensure an internal audit program adds value.
- Assistance with Quality Assurance and Improvement Programs (QAIP): Waypoint can establish a QAIP that will provide sound feedback on the internal audit process through the year. We can also review a QAIP for validation and suggestions for improvement.
- Internal Audit development: Waypoint can assist credit unions with establishing a new internal audit program including creating a charter, policy and procedures, suggestions for staffing, and creating an audit universe and audit plan
- Enterprise Risk Management (ERM): Waypoint can provide credit unions with guidance on creating and implementing an ERM program. Risk management should be a key component of an overall strategic plan and not segregated into individual risk assessments. ERM programs help credit unions take the right risks.
- Governance, Risk Management, and Control Advising: Waypoint can assist credit unions with integrating internal control frameworks such as COSO and ISO. Our team can provide advice and guidance on individual aspects of a GRC program such as supervisory committee oversight, management implementation and operational procedure development, and general control reviews to ensure internal audit programs are adding value to an organization.