Credit card banking
Compliance 28 August, 2019|UpdatedMarch 30, 2021

Atlantic Union Bank & TeamMate

Atlantic Union Bank Improves Outstanding Issue Resolution by 135 Days Using TeamMate

In 1902, L.E. Martin founded the Caroline County Bank with just $2,500 in assets. By 1924, the bank had exceeded $1 million in assets. And, 117 years later, the bank now known as Atlantic Union Bank has grown to include 160 branches located throughout Virginia, Maryland, and North Carolina and $17.2 billion in assets.

In 2006, the internal audit department implemented Wolters Kluwer’s TeamMate audit management system to automate its audit processes and improve risk management. The hosted, centralized platform helps drive visibility, consistency, and efficiency not only within Internal Audit, but throughout the organization.

Cindy Driest, a Senior Audit Manager at Atlantic Union Bank, attests that the audit management tool has significantly assisted their internal audit department in a number of ways, including issue tracking and management, automation, and risk assessments.

Issue Tracking and Management

Prior to the implementation of the TeamMate issue tracking and remediation tool, TeamCentral, the internal audit department was using a manual Excel spreadsheet to track, update, and communicate the remediation status of Internal Audit and external examination findings. With TeamMate, auditees receive automated reminders that remediation is approaching its due date or is past due. With direct visibility into the system by the line of business and executive management, auditees have become more accountable for issue remediation. This has also positively affected the timeliness of remediation.

TeamMate has reduced the amount of time issues are outstanding from approximately 200 days to 65 days.
Cindy Driest, Senior Audit Manager at Atlantic Union Bank

Automation

The internal audit department uses TeamStore to house internally created risk assessment data, audit program procedures, and various templates. They have also built a step into their audit processes that asks if there are any updates to TeamStore that need to be made to help drive efficiency. While Driest considers TeamStore a valuable tool, she feels there are even more benefits that may be derived from it.

“We currently use TeamStore for approximately 90% of our audits, and it has been a tremendous time saver for us as we are always looking to operate more efficiently,” said Driest. “Saving just five minutes twice a week for 10 auditors saves the department 100 minutes per week. Applied to a full year, it is evident that taking the time up front to set up TeamStore results in a hefty time efficiency on the back end.”

Risk Assessment

Using TeamMate functionality, Internal Audit risk assesses all of its audits and utilizes the assessments when determining the scope of the audits. These risk assessments are regularly evaluated to ensure the internal audit department remains agile to changes in the business. This has been particularly important given the growth of Atlantic Union Bank over the past decade.

With an organization as dynamic as Atlantic Union Bank, the Internal Audit team strives to continue discovering new ways to bring value to the bank. One way Driest plans to do that is by migrating to TeamMate+ in the coming year.

Atlantic Union Bank has an impressive history of growth, and Internal Audit wants to ensure we grow right along with them. Moving to TeamMate+ helps make it possible for us to achieve that by enabling our audits and processes to evolve to match the bank’s changing needs.
Cindy Driest, Senior Audit Manager at Atlantic Union Bank
For auditors who are challenged to improve audit productivity while delivering strategic insights, TeamMate provides expert solutions, delivered with premium professional services, to auditors around the globe and in every industry.
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