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 issues such as viability, efficient business models, 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. 

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.

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 were the court appointed liquidators to a number of high-profile cases, including 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.

Internal Audit:  BDO’s FS Risk & Advisory Services team can provide outsourced internal audit services to Credit Unions of all sizes. For those with total assets of over €100 million, BDO can function as your Head of Internal Audit (CUPCF-4).  In performing an internal audit role, BDO can deliver effective assurance to your Board in areas such as internal controls, risk management, governance and compliance with the Credit Union Act.

Risk and Compliance: The Credit Union Act imposes risk management and compliance obligations on Credit Unions. BDO can conduct independent reviews of your risk management system and compliance programme to benchmark them and assist you in meeting your regulatory requirements. In addition, BDO can provide outsourced risk management and compliance services to your organisation. In circumstances where the total assets of your Credit Union exceed €100 million, our team can act as your Risk Management Officer (CUPCF-3).

IT Framework and Cyber-Security Assessments: The Central Bank of Ireland (CBI) has set out its expectation of Credit Unions to develop and maintain robust IT risk management frameworks. Recent CBI inspections of IT within Credit Unions have focussed on the following areas: IT strategy; IT governance; IT policies; IT risk management; outsourcing; business/service continuity; cyber-security, and information security.

BDO has experienced and qualified IT risk professionals to support your Credit Union in planning for, and meeting, the CBI’s expectations in relation to IT risk management.

Ad Hoc Reviews: We can offer bespoke reviews, covering a wide range of risk and governance areas. We will deliver a high level of assurance to your Board and Management through independent and objective reviews.

Central Bank of Ireland: BDO is well placed to support Credit Union Boards and their CEOs in managing engagements with the CBI. From pre-inspection support, to the resolution of Risk Mitigation Program (RMPs), our team has the depth and breadth of skills to help your CU navigate challenging times.

Eoghan Daly partner bdo

Eoghan Daly

Partner and Head of Cybersecurity, BDO Dublin
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