• Credit Unions

Credit Unions

The Credit Union sector continues to undergo fundamental change. In addition to dealing with day to day operations, Credit Union boards, committees, management and staff face increased regulatory oversight, more onerous reporting requirements, and a greater emphasis on risk management and corporate governance. At the same time, Credit Unions continue to deal with the issues that emerged during the financial crisis such as viability, their business model, governance, management effectiveness and scale.

Our dedicated credit union team have an in depth knowledge of the credit union sector, the ongoing regulatory requirements and operational issues facing credit unions in the current climate and offer a range of services to ensure continued compliance with legislative obligations and advice on the financial and strategic aspects of their business.  

Our services include:

Annual Audit: BDO will ensure that the annual audit of your Credit Union’s accounts is conducted in an efficient manner, is statutorily compliant and meets the reporting requirements of the Central Bank.

Internal Audit: BDO provides benchmarking, advisory and outsourced services to ensure compliance with the Credit Union Act and offers best practice recommendations in areas such as internal controls, risk management and corporate governance. 

Independent Review: BDO offers independent loan book, liquidity, investment and corporate governance reviews.

Independent Risk and Compliance Reviews: The Credit Union Act imposes risk management and compliance obligations. BDO can conduct independent reviews of your Credit Union’s risk management system and compliance programme and can assist you in meeting your regulatory requirements.

Strategic Assistance: Strategic planning is a legal requirement for Credit Unions. BDO can assist your Credit Union to fulfil this legal requirement, can offer leading advice on the financial and strategic goals set by your Board and can help in documenting a plan that is achievable, realistic and that can contribute to a sustainable future for your Credit Union.

Mergers / Transfer of Engagements: For some Credit Unions, the decision to enter into a merger or transfer of engagements is necessary to secure survival; for others, it is a strategic move to secure growth. BDO can offer advice on the impact of such engagements and the strategic advantages / disadvantages for your Credit Union on entering into such an arrangement.

Liquidation: BDO are the court appointed liquidators to both Charleville Credit Union Limited and Berehaven Credit Union Limited.  Key aspects to these appointments included the processing of depositor claims under the Deposit Guarantee Scheme Regulations and the successful realisation of each Credit Union’s Loan Books.

HR and Payroll: BDO provides a range of HR and Payroll support services to help your Credit Union comply with its obligations under employment legislation.

Key market areas our advisors see impacting credit unions are as follows:

  • Legislative requirements and annual compliance
  • Sector consolidation
  • Central Bank regulation
  • Efficient governance and strategic planning
  • Lending restrictions and investment returns
  • Competition from banks and other lenders
  • Availability of qualified staff
  • Attracting new Board members with relevant expertise
  • Promoting new products to ensure continued viability
  • Proficient risk management strategies