Kalil Merhib

Compliance and control with audited financials

Use technology to positively impact the member-credit union-regulator ecosystem.

September 28, 2020

Digital transformation is playing an important role in helping credit unions and other finance professionals keep in step with evolving demands.

The need for secure, reliable distribution of financial information has resulted in the development of technology that has shifted communication channels to include more stakeholders, create greater efficiencies, and provide secure, insightful data.

Determining which solution to use and how to implement it successfully requires a clear understanding of the issues at play.


Since the National Credit Union Administration announced its major policy change prohibiting credit unions from directly submitting audit reports to the NCUA, credit unions have been working with examiners and auditors to explore options to remain in compliance and control.

In an update to the new policy, the NCUA provided alternatives for yearly audit report submission, one of which is both digital and does not violate auditor independence: “Use a secure portal that verifies and validates the original document source and ensures the audit report is authentic and unaltered.”

The “original document source” is the key to interpreting and applying this option, and the need for a secure and efficient platform to ensure compliance became vital.

Regaining control

Fortunately, many credit unions have already been able to take advantage of technology advances to simplify and streamline their compliance efforts, using RIVIO Clearinghouse to do their yearly, source-validated, audit report exchange with NCUA examiners.

RIVIO is free to credit unions and for their auditors uploading the audit report. The platform enables them to proactively submit their audit reports to the NCUA while validating it is the original that was uploaded into RIVIO by the credit union’s certified public accountant (CPA) firm.

NCUA examiners can also request the audit report via RIVIO and the credit union can respond to the request there. Either way, the credit union maintains control of this important report and has a record of how and when it has been exchanged.

Secure confidence

Peace of mind is at the heart of what RIVIO delivers to the entire finance, accountant, and regulator ecosystem.

High-profile examples of financial statement-related fraud have further showcased the need for a secure online platform to exchange important financial information. The lenders in each case not only suffered financial losses, but their reputations were also heavily damaged. As these and other fraud stories continue to be publicized, these lenders continue to take hits to their reputations.

RIVIO enables credit unions to gain more control of NCUA compliance, increase efficiency, prevent fraud, and, ultimately, increase trust with key stakeholders.

Visit to learn why many credit unions are turning to RIVIO to ensure NCUA compliance and to streamline the secure exchange of financial information.

KALIL MERHIB is vice president of sales at and is responsible for developing and executing sales strategy across the organization’s product and service business lines.