How Associated Electric Cooperative Makes More Informed Risk Decisions

In the latest installment of our Spotlight on Success series, Matthew Spaccamonti (Manager, Audit Services) at Associated Electric Cooperative shares how they use AuditBoard to handle administrative tasks that previously took tedious man-hours to complete.

Hear how Associated Electric Cooperative completes more audits in less time:

• Meets deadlines on a more consistent basis
• Completes more audits than they have in the past
• Improves communication and collaboration with stakeholders by leveraging AuditBoard’s risk assessments and surveys
• Streamlines reporting to the board with AuditBoard’s organized, visual presentation of the risk environment

Tell us a little about Associated Electric Cooperative and your AuditBoard implementation journey.

Associated Electric Cooperative is a three-tiered generation and transmission cooperative. We provide electricity to rural Missouri, northeast Oklahoma, and Southeast Iowa. Our mission is to provide economical and reliable power supply and support services to our members, and our vision is to be the lowest-cost wholesale provider. 

Our AuditBoard implementation journey began with a lot of demos. We worked directly with an implementation lead who helped us ensure we were asking and answering the right questions. AuditBoard’s solution is pretty user-friendly, so we could customize many things ourselves and ensure that we had it set up in a beneficial way. One of the results we’ve experienced with the OpsAudit model is that we’re now able to meet deadlines more consistently.

How has AuditBoard improved your processes?

With AuditBoard, we can now complete more audits than we ever have in the past. That’s because AuditBoard takes care of some administrative tasks that we would previously spend hours completing. That’s been really beneficial. It’s also been incredibly helpful to leverage the integration between OpsAudit and RiskOversight, AuditBoard’s enterprise risk management module. This helps us connect risks to the audits we’re performing while assessing risk mitigation throughout the whole process. 

AuditBoard helps our organization, as a whole, make better risk decisions due to the visibility it brings at the executive level. Within AuditBoard, we now have different dashboards, risk assessments, and surveys that we can send out to different stakeholders. It also has different reporting tools that have helped us report to our board with an organized, visual presentation of what’s happening in the risk environment.