Services We Provide

We provide a comprehensive range of consultancy and training services to the Credit Union movement including:


Strategic Planning

  • Strategic Planning is a commercial prerequisite in any Credit Union. The Credit Union Act, 2012, requires that each credit union must prepare a three year strategic plan moving forward.
  • Our experienced team of advisors assist Credit Unions in the strategic planning process. We can act as lead facilitators in this process.
  • We work in partnership with Credit Unions at all times to ensure maximum value is added to any assignment we undertake on your behalf.

 

PRISM Reviews

PRISM has proven to be a challenging audit process for most Credit Unions to date. Our professional experience can ably assist your Credit Union through the PRISM process as follows:

Pre-PRISM Audit

  • Conducting an operational and governance review in advance of the PRISM engagement.
  • Identifying key areas of material risk that should be mitigated in advance of the process.
  • Briefing the Board and Senior Management on the core issues of the PRISM process.

Post-PRISM Audit

  • Advise the Board and Management on any material matters arising from the Risk Mitigation Programme (RMP).
  • Partner with the Credit in ensuring that all action points contained within the RMP are resolved within the time frame set out by the Central Bank in a professional manner.
  • Advise the Board on any material correspondence with the Central Bank arising from the PRISM process.
  • Provide tailored training courses to the Credit Union where the PRISM audit process has identified this in its RMP.

 

Risk Management Planning

  • The Regulator is placing increased emphasis on this subject matter. The adoption of ‘best practice’ risk management standards by individual Credit Unions is becoming an operational and strategic necessity.
  • We can advise your Credit Union on the new Risk Management requirements as outlined in the Credit Union Act, 2012.

 

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Internal Audit Engagements

The creation of an Internal Audit Function is now a statutory requirement under the Credit Union Act, 2012. We offer the following professional services to Credit Unions:

  • A dedicated outsourced ‘Internal Audit Function’ that is tailored made to the specific requirements and budget of your Credit Union.
  • Our outsource service complies fully with all statutory and best practice requirements.
  • Our dedicated Internal Auditors are fully qualified Chartered Accountants with significant experience of auditing Credit Unions both internally and externally.

Mergers / Transfer of Engagements

We can independently advise Credit Unions on any restructuring proposals that they may be considering. The amalgamation of any Credit Unions can be a complex process. Due consideration must be given to the financial, operational and cultural fit of any proposed merger.

We can provide an objective and comprehensive review of any proposal in advance or as part of the ReBo process.

Governance Structures

The Regulator is placing increased emphasis on this subject matter. The new Credit Union Act (2012) and the introduction of PRISM highlights the growing importance of corporate governance within the movement. The adoption of ‘best practice’ governance standards by individual Credit Unions is becoming an operational and strategic necessity. We are on hand to advise credit unions in these matters.

Internal Control Review

(Financial & Operational)

We concentrate on the key internal controls of the Credit Union. Existing controls are reviewed in detail, to ensure that they comply with best practice within the movement.

IT Strategic Planning & Reviews

  • The Central Bank’s recent ‘IT Questionnaire’ has stressed the importance of an effective IT system within each Credit Union.
  • We advise Credit Unions on their IT Strategic Plans. This planning process is critical to Credit Unions given the operational and strategic importance of IT systems within their organisations.
  • The review covers – at a minimum – operational controls up to formal contingency planning.
  • We assist Credit Unions in undertaking technical and commercial due diligence in relation to proposed investments in new Credit Union systems. Our Legal Counsel can also assist this process from a legal and contractual perspective.

 

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