ILCU Statement on CBI thematic review of risk management maturity in credit unions
Posted on: 19 Nov 2021
ILCU Statement on CBI thematic review of risk management maturity in credit unions.
The ILCU welcomes today's publication of the report from the Central Bank on its themed review on Risk Management Maturity in credit unions. There is positive recognition of the significant progress made by credit unions in effective risk management since it was introduced as a requirement in 2013.
However, we note that there are a number of areas for improvement identified. The report provides examples of good practice and guidance on regulatory expectations. The ILCU will work with its affiliated credit unions to support them to address the concerns identified and to improve the level of embeddedness of risk management. The ILCU recognises the importance of a strong risk culture which is aligned with the credit union ethos and a focus on protecting members.