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Audit, Risk Compliance Challenges for Small Credit Unions

Challenges . AuditKnowing what we don't knowOutsourcingImplementation MonitoringRegulationEducation. Challenges. RiskKnowing what we don't knowRisk Management FrameworkCurrent Focus Areas of RiskInterest Rate RiskMarket RiskOps RiskFraud. Challenges. ComplianceKnowing what we don't kno

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Audit, Risk Compliance Challenges for Small Credit Unions

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    1. Audit, Risk & Compliance Challenges for Small Credit Unions Amanda Wilson Industry Association

    2. Challenges Audit Knowing what we don’t know Outsourcing Implementation Monitoring Regulation Education Knowing what it will impact and when Affording a workable solutionKnowing what it will impact and when Affording a workable solution

    3. Challenges Risk Knowing what we don’t know Risk Management Framework Current Focus Areas of Risk Interest Rate Risk Market Risk Ops Risk Fraud 1. Identifying Risks Identifying Gaps in Risk Management Framework Aligning and updating framework to meet regulatory changes/deadlines1. Identifying Risks Identifying Gaps in Risk Management Framework Aligning and updating framework to meet regulatory changes/deadlines

    4. Challenges Compliance Knowing what we don’t know Impacts of change Outsourcing Education Monitoring & Reporting

    5. Case Study Under 100M – Sydney-based CU A blended approach System automated checklists developed in-house Manual processes/policy development Outsourcing Monitoring Internal (by Senior Management) External (by outsourced Internal Audit)

    6. Regulatory Focus APRA ASIC AUSTRAC IFRS BASLE

    7. Support Industry Association CUSCAL Commercial Services Industry Groups

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