About Risk

 

The CUCC Risk Advisory Service aims to enhance the quality of decision-making at all levels within credit unions through supporting the development of an embedded, robust and practical risk management system for subscribers.

Risk User Groups

As part of the subscription, risk user groups are facilitated by experienced risk management practitioners. These user groups, supplemented by detailed guidance documents, will cover all steps in the risk management process for credit unions including:

  • Developing a meaningful risk appetite statement
  • Designing an effective risk function
  • Identifying and analysing risk
  • Producing a Risk Register
  • Risk mitigation and testing
  • Responding to risk events

Risk Management IT Software

In addition to the extensive guidance and support, subscribers will also have access to credit union-specific risk management software. This software will enable subscribers to track, analyse and report on their own risks, controls and mitigations in line with regulatory requirements. In addition to this, the software will enable the credit union to produce and maintain a detailed Risk Register to support the ongoing management of its risk portfolio.

On-going Advice and Support

The CUCC Risk Advisory Service stands out from similar services operating in the Credit Union Movement in that subscribers have on-going access to advisors who will provide practical and professional support on any aspect of the risk management system and respond to queries as they arise. This on-going phone and email support will complement the guidance documentation and risk user groups to keep the credit union’s risk function on-track.

Subscription

The CUCC Risk Advisory Service will operate as a 12 month subscription service for ROI and NI credit unions, commencing in September each year. Each subscribing credit union receives a unique identification number which will give access to the service and online risk management software. Subscribers may be required to quote this number when availing of the service. The annual subscription fee is €5,400 / £3,950 excluding VAT.

A credit union with a robust risk management system in place can expect the following organisational benefits:

  • A better understanding of the internal and external environment
  • A robust methodology for analysing and mitigating priority risks
  • More informed decision-making both at board and management level
  • On-going organisational improvement in all key areas of the business
  • High quality management information to support the implementation of the strategic plan
  • Satisfy regulatory requirements in the area of risk management
  • More focused application of resources to the areas of the business that need it most

Want to Know More?

The CUCC team would be delighted to discuss your own risk management support needs and how the Risk Advisory Service can enhance your risk function. If you are interested in learning more about the service, please contact a member of the CUCC team to schedule a live webinar.

 

Name Role Email
James McAuley Risk Advisor jmcauley@creditunion.ie
Kevin Loughnane Head of Risk & Compliance kloughnane@creditunion.ie
Deirdre Farry Risk Analyst dfarry@creditunion.ie