The Credit Union Risk Assessment is a mandatory document required by Irish regulatory authorities to ensure proper risk management within credit unions operating in Ireland. This document becomes necessary when establishing a new credit union, during annual reviews, or when significant changes occur in operations or the external environment. It must align with the Credit Union Act 1997 (as amended) and Central Bank of Ireland requirements, providing a comprehensive analysis of all risk categories including credit, operational, financial, and compliance risks. The assessment helps credit unions identify, measure, and manage risks effectively while maintaining compliance with regulatory standards. It serves as both a regulatory compliance tool and a practical risk management framework, requiring regular updates and reviews to reflect changing circumstances and emerging risks.
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1. Executive Summary: Overview of key findings and major risk areas identified
2. Introduction and Scope: Purpose of the assessment, methodology used, and scope of coverage
3. Regulatory Framework: Overview of applicable regulations and compliance requirements
4. Risk Governance Structure: Outline of risk management roles, responsibilities, and reporting lines
5. Risk Appetite Statement: Definition of risk tolerance levels across different risk categories
6. Credit Risk Assessment: Analysis of lending portfolio risks, credit quality, and concentration risks
7. Operational Risk Assessment: Evaluation of operational processes, systems, and controls
8. Financial Risk Assessment: Assessment of liquidity, interest rate, and investment risks
9. Compliance Risk Assessment: Evaluation of regulatory compliance risks and controls
10. Risk Mitigation Strategies: Detailed plans for managing and mitigating identified risks
11. Monitoring and Reporting: Framework for ongoing risk monitoring and reporting procedures
12. Review and Update Procedures: Process for periodic review and updating of the risk assessment
1. IT and Cybersecurity Risk Assessment: Detailed analysis of technology and cybersecurity risks - required if the credit union offers online services
2. Strategic Risk Assessment: Evaluation of risks to strategic objectives - recommended for larger credit unions
3. Business Continuity Risk Assessment: Analysis of business continuity and disaster recovery risks - recommended for credit unions with multiple branches
4. Third-Party Risk Assessment: Evaluation of risks associated with third-party service providers - required if significant outsourcing exists
5. New Products and Services Risk Assessment: Risk evaluation for new offerings - required when introducing new products or services
6. Environmental Risk Assessment: Analysis of environmental and climate-related risks - recommended for credit unions with significant property lending
1. Schedule 1: Risk Assessment Methodology: Detailed explanation of risk assessment approach and scoring methodology
2. Schedule 2: Risk Register: Comprehensive register of all identified risks with ratings and controls
3. Schedule 3: Control Testing Results: Results of control effectiveness testing
4. Schedule 4: Key Risk Indicators: List of KRIs with thresholds and monitoring frequencies
5. Appendix A: Risk Assessment Templates: Standard templates used for risk assessments
6. Appendix B: Regulatory Requirements Matrix: Matrix mapping risks to regulatory requirements
7. Appendix C: Risk Heat Maps: Visual representations of risk levels across different categories
8. Appendix D: Action Plan Template: Template for documenting risk mitigation actions and tracking progress
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Credit Unions
Mutual Financial Institutions
Community Banking
Cooperative Financial Services
Retail Financial Services
Consumer Lending
Relevant Teams
Risk Management
Compliance
Internal Audit
Executive Leadership
Operations
Finance
Credit
Legal
Governance
Strategy
Relevant Roles
Chief Risk Officer
Risk Manager
Compliance Manager
Internal Audit Manager
Chief Executive Officer
Operations Director
Credit Manager
Finance Director
Board Member
Risk Assessment Officer
Regulatory Compliance Officer
Chief Financial Officer
Head of Operations
Risk Analyst
Compliance Analyst
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