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Audit & Exam
Planning and Coordination
EXECUTIVE SUMMARY
Over a three-year engagement, Phaze Zero Partners has managed the tracking and delivery of IT-owned National Credit Union Administration (NCUA) exam, Department of Financial Protection and Innovation (DFPI) exam, and external auditor deliverables. By implementing a structured approach, Phaze Zero reduced average delivery time by nearly 50%. This document outlines the process improvements, system setup, challenges, and lessons learned that have contributed to the project’s success. Phase Zero Partners has been managing the audit and examination IT deliverables for one of our credit union clients for several years. Over the years we have continued to iterate and refine this process to improve time to delivery, and re-usability of prior years’ deliverables. We have iterated through multiple methods and tools through this engagement, honing in on the method we currently implement.
OBJECTIVES
The primary objectives of this engagement were:
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To reduce delivery times for NCUA/DFPI audit deliverables through efficient tracking and ownership.
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To establish a single, easily referenceable system for deliverables from previous years.
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To streamline the process, ensuring high-priority compliance requirements are met with minimal disruption.
EXECUTION
Phaze Zero implemented a structured approach to handle diverse audit and examination requests. Key steps include:
Deliverable Breakdown and Tracking
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Process: Incoming examination and audit requests are received in various formats. Each bundle of requests is broken down into individual items to improve tracking and accountability.
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System Integration: Items are logged into a Project Management Information System (PMIS), such as Smartsheet, for tracking and status updates.
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Team Assignment: Deliverables are assigned to team members, who are responsible for ensuring timely delivery.
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Outcome: Clear, itemized tracking of each request improves accountability and reduces response times.
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Progress Monitoring
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Method: Progress on each deliverable is tracked within the PMIS, allowing for transparent updates and efficient team management.
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Regular Check-Ins: Phaze Zero conducts twice-weekly status checks with each team member to ensure all items are on schedule and remove potential roadblocks.
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Outcome: Consistent progress monitoring helps identify potential delays early and ensures that high-priority deliverables are met.
SETUP
The Phaze Zero team established a secure and efficient setup for handling NCUA/DFPI audit deliverables:
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PMIS for Tracking: A PMIS (e.g., Smartsheet) serves as the main tracking tool for all deliverables, enabling real-time status updates.
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Document Storage: A secure SharePoint site provides a centralized repository for all documentation, ensuring security and easy search/retrieval.
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Team Coordination: Regular sessions with team members allow for review and assignment of deliverables.
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Outcome: The combined use of PMIS and SharePoint creates a streamlined, efficient environment for tracking and managing deliverables.
CHALLENGES
Managing audit and examination deliverables for financial institutions poses unique challenges:
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Unpredictability of Audits: Examinations and audits are often initiated with little advance notice, creating strain on resources.
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High-Priority Deadlines: Compliance deadlines for audits are non-negotiable, requiring immediate response and prioritization.
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Resource Constraints: With limited time to prepare, it can be challenging to allocate resources without impacting other critical operations.
LESSONS LEARNED
Throughout this multi-year engagement, several key lessons have been identified:
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PMIS as a Single Source of Truth: Centralizing deliverable tracking in a single PMIS allows for efficient progress monitoring and accountability at the team member level.
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Secure Document Repository: Using SharePoint as the secure document repository enhances both security and ease of document retrieval.
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Reference to Past Deliveries: By linking each request to previous years’ deliverables, the team can quickly reference historical information, improving consistency and reducing time spent reworking deliverables.
CONCLUSION
Phaze Zero’s systematic approach to tracking and delivering NCUA/DFPI audit requirements has yielded substantial time savings and improved compliance efficiency. By establishing clear tracking, documentation, and review protocols, the team has created a sustainable system for managing high-priority audit deliverables. This project highlights the importance of centralized tracking and consistent communication to meet critical regulatory requirements in a time-sensitive environment.