Compliance and Continuity
The credit union strives to ensure compliance and transparency with the requirements of the law, the regulator and members of the credit union and takes steps to safeguard the future of the credit union.
Regulatory/Legal Responsibilities
The Board and Supervisory Committee are responsible for ensuring that it is up do date with all legal and compliance requirements and that the credit union complies with the law and the regulator and to that end will maintain comprehensive, documented polices on how it aims to comply with its legal and statutory obligations and maintains a transparent relationship with the Regulator.
This means that...
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The Board will appoint a person to act as Compliance Officer who maintains a checklist of requirements in complying with its regulatory and legal requirement and reports regularly to the Board meeting on any changes to the law or regulation and how those changes may be implemented. REQ |
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As part of its strategy planning the Board will conduct an assessment of whether it has adequate financial resources proportionate to the size of the credit union and in accordance with the FSA Principles for Business. REQ |
Internal and External Control
The credit union will maintain a sound system of internal control arrangements and external verification that should be proportionate to the size, complexity and risk profile of the credit union.
This means that…
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The members of the Supervisory Committee will have no other role within the credit union. REQ |
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The Supervisory Committee will report regularly to the Board on any internal control issues that need to be dealt with and will report to members in the Annual Report of the credit union. REQ |
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The Board on receipt of the Auditor’s report each year will discuss the content of the report and implements any actions necessary. REQ |
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A review of the provision of external audit services will be conducted at least every four years. REQ |
Planning for the Future
The Board, Supervisory Committee and Senior Managers will take a long term view of the future of the credit union and plan accordingly. They will ensure that all individuals involved in the running of the credit union understand the strategies developed and ensure successful implementation.
This means that…
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The Board will hold a strategy planning meeting at least one per year. REQ |
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The strategic direction of the credit union is documented and includes a three year rolling business plan and a membership development plan. These documents outline the business objectives, the actions necessary to carry out the plan and the resources to be made available to do this. REQ |
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The Board and Supervisory Committee will implement a succession plan for both Gold elected members and senior management which ensure the continuity of the Standard business strategy and smooth operation of the credit union. GOLD |
Risk Management
The Board, Supervisory Committee and Senior Managers will develop and maintain a risk assessment strategy and a disaster management and recovery plan for the credit union in the event of unforeseen disaster or loss of key persons.
This means that…
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The credit union will have a risk assessment policy and business continuity plan in place which outlines the way in which the credit union could continue to operate and meet its regulatory requirements in the event of an unforeseen interruption that may otherwise prevent the credit union from operating normally. The policy will be thoroughly reviewed on an annual basis. REQ |
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The Board and Supervisory Committee will conduct an annual assessment on the risk to the credit union of the loss of a key person/s both elected and employed and put procedures in place to minimise and manage that risk. GOLD |
