Credit Union Commission Report Services

Review of your current Governance Position

The Report of the Commission on Credit Unions has highlighted significant requirements in the area of governance for the Credit Union sector.

The report explains that the Commission believes a certain amount of restructuring of the credit union sector is required and recommends that this should be achieved on a voluntary, incentivised and time bound basis. In addition, the Report recommends that all credit unions should undergo a detailed assessment to ascertain suitability for participation within the restructuring process. It is clear that restructuring will not apply to all credit unions and the Report recognises that some credit unions may continue to operate successfully on a stand-alone basis, provided that they have a viable business model which is capable of meeting all regulatory requirements.

Identifying your requirements and developing an implementation plan are crucial to the future sustainability of your credit union. We can review your current Governance arrangements, help you to identify deficiencies in the context of the Commission's report and define an effective route to implementation. Our sector experience and track record of providing audit services and governance support to credit unions allows us to deliver these services in a timely and cost effective manner.

Our Approach
We understand the credit union philosophy. Our advice is based on the business as a whole and not just an individual element of it. We are aware of the importance of merging all aspects of the balance sheet to ensure that any impending risk is spread evenly across the business.

We can undertake a review of your current governance structure by focusing on the following key elements:
• Board Composition and Skills
• Committee Structure
• Roles & Responsibilities
• Board Training & Induction
• Nomination and Succession
• Risk Management
• Compliance
• Internal Audit
• Board Oversight Committee
• Fitness and Probity Process

We will deliver our assessment and recommendations in a final report, which we will present to your Board for discussion on our findings.

We have been offering these services to our clients for a number of years. During the past number of years we have experienced, first hand, the difficulties facing Credit Unions with the constant changing of regulation. By engaging experienced and knowledgeable professionals, you can prepare your Credit Union to meet the objectives of the Commission on Credit Unions recommendations.

Please contact Trevor Fitzpatrick for further information or assistance with above.

In the meantime, and for your information; we have set out below details of our practice and our team.

© 2024 TD Fitzpatrick Certified Public Accountants