Credit Unions

The credit union movement has a proud tradition in this country. For almost 60 years they have been serving their member’s needs. However, since the 2012 Act credit unions have been operating in a turbulent environment which continues to evolve and change.

Key considerations for credit unions include:

  • Business Model Development
  • Embedding the strategic plan at both Board and operational levels
  • Prudent loan growth – developing and implementing plans to achieve goals
  • Fully embedding risk, compliance and internal audit functions
  • Setting realistic financial projections
  • Regular review of financial performance
  • Growth strategy – organic or acquisition?
  • Technology – to meet members’ needs into the future

We also understand the increasing challenges credit union board members face with regulatory and reporting requirements. There is a significant time investment required in carrying out their duties and they may require assistance in keeping abreast of developments in the sector, particularly as they are removed from the day-to-day management. In addition, difficulties both in finding suitable lending opportunities among their membership and dealing with managing funds/investments make board membership an onerous task. Our specialist team is here to help the board and executive management of the credit unions deal with these issues and the control environment which should surround these functions.

In today’s environment it is key that credit unions are proactive in planning for the future within the regulatory framework. We have over 20 years’ experience working with credit unions and offer a wide range of services which include:

Independent annual audit
Crowe ensures that the annual audit of your credit union’s accounts meets all regulatory and statutory requirements, is completed in a timely manner and meets the reporting requirements of the Central Bank. Interim audits can expedite the final reporting timelines allowing for the Central Bank dividend approval process to be accessed earlier and AGMs to be held close after the year end.

Internal audit
Crowe will review and provide recommendations on how to improve your credit union’s internal control processes, corporate governance for good Board functioning and risk management.

Independent asset/loan book review
We will carry out an independent asset review of your credit unions loan book, and other current and fixed assets.

Strategic plan assistance
All credit unions are required to prepare and adopt a strategic plan. At Crowe we can assist and advise in formulating a robust and practical strategic plan.

Mergers
We have experience in dealing with credit union mergers and can provide merger due diligence reviews and also post-merger reviews.

Payroll services
Crowe have a specialist payroll department to provide support and services to help credit unions comply with employment legislation. We can also assist with HR queries as they arise.

Risk & compliance review
The Credit Union Act 1997 and subsequent statutory instruments impose procedural and financial requirements on all credit unions. Crowe will review your procedures and operations and assist you in ensuring you fully comply with these requirements.

Members circularisations
We can conduct members circularisations – selecting loan and share accounts for circularisation on the basis of certain parameters dictated by the board, on a random selection basis or with technology assisted risk criteria factored in to the selection process. We report on the responses received and recommend further action as appropriate.

Tax advice
We can provide a full range of VAT, payroll outsourcing and PAYE/Income Tax advice for employees and assistance in formulating remuneration packages for senior employees including benchmarking salary levels against other entities of similar size.

Contacts
 

Brian Geraghty

PartnerAudit