All Credit Unions face risks that could threaten their financial stability and viability.
Under The Credit Union Act 1997 (as amended), “A Credit Union shall identify the operational risks it is exposed to, or is likely to be exposed to, and provide for the management and mitigation of those risks”.
Additionally under The Credit Union Act 1997 (as amended), there is a legal requirement to appoint a risk management officer and a compliance officer although nothing prevents this from being the same individual.
Effective risk management procedures help your Credit Union to identify risks and mitigate them with appropriate controls. At RBK, we help Credit Unions benchmark their risk management against best practice and advise on:
We also provide a fully outsourced risk management function and deliver risk management training for both the Board of Directors and Management Team.
Your risk management policy should be an integral part of the daily functioning of your credit union. Our Credit Union team will help you ensure that your risk management strategy is effective and easy to implement and work with. We also advise on how to communicate your strategy effectively.
All Credit Unions are required to submit an annual compliance statement to the Central Bank setting out where or not they are compliant with Part IV of The Credit Union Act 1997 (as amended). RBK can assist your Credit Union with this by:
We maintain a breach register which is updated on a quarterly basis for areas of non-compliance. We agree timelines with the Board of Directors to take corrective action and will quickly escalate breaches where timelines are not adhered to. We then provide the assistance necessary to implement the changes.
For further information or to discuss your Credit Union’s specific requirements, please contact a member of our team.
Our offices are strategically located to service our market and are easily accessed from any location nationwide.
Park View House,
Beech Hill Office Campus,
Clonskeagh, Dublin 4,
D04 X7V2, Ireland
RBK House, Irishtown
N37 XP52, Ireland
RBK House, Castle Street,
F42 NR79, Ireland