The Credit Union sector is currently undergoing fundamental change. In addition to dealing with day to day operations, 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 that emerged during the financial crisis such as viability, their business model, governance, management effectiveness and scale.
At RBK, we understand this is a critical time for Credit Unions and our specialist team is here to help. Our specialists combine traditional accountancy expertise with strategic business advice and integrated business solutions. We work with Credit Unions of all sizes and our clients view us as trusted advisers assisting them to meet the current challenges.
Our services include:
Annual Audit: RBK ensures that your credit union’s audit is statutorily compliant and meets the regulator’s requirements.
Independent Review: RBK offers independent reviews of your Credit Union’s loan book, liquidity, post merger review and corporate governance
Internal Audit: RBK provides benchmarking, advisory and outsourced services to improve your internal audit.
Risk and Compliance Reviews: The Credit Union Act imposes obligations regarding financial stability. RBK will assist you in meeting these requirements.
Strategic Assistance: Strategic planning is a legal requirement for Credit Unions. RBK will facilitate your Board to fulfil this legal requirement.
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.
HR and Payroll: RBK provides a range of HR and Payroll support services to help your Credit Union comply with its obligations under employment legislation.
For more information or to discuss your Credit Union’s specific requirements, please contact a member of our team.
RBK Credit Union Benchmarking Survey Results 2024
This report summarises the findings of a survey of Credit Unions conducted in March/April 2024. It reflects responses from 43 Credit Unions and financial data from 74 published annual reports. This represents €11.04b or 57.1% of the total asset size of the Credit Union movement in the State. (The sector asset size was approximately €20.87b across 192 Credit Unions at 30 September 2023).The Credit Unions included in our research range in size from €17m to €570m and represent a mix of both community and industrial Credit Unions. Prior year data has been updated to reflect additional information that became available after our 2023 Credit Union Benchmarking Report was published. Non-financial data in this year’s report refers to the current year to date and includes prior year comparisons where available.RBK Credit Union Benchmarking Report 2024
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Navigating IT Governance 1.62 MB
Christie John, Director with Solution Out presented on 'Navigating IT Governance' at RBK's annual Credit Union Seminar in May 2024.
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The Evolving Culture of Regulation 1.83 MB
Michelle O'Donoghue, Governance, Risk & Assurance Partner with RBK, presented on 'The Evolving Culture of Regulation' at our Annual Credit Union Seminar in May 2024.
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Elevate your Workplace Culture 1.79 MB
Yvonne Clarke, HR Solutions Manager with RBK, presented on 'Elevate your Workplace Culture' at our Annual Credit Union Seminar in May 2024.
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Credit Union Benchmarking Results 2024 - RBK Analysis 2.72 MB
Ronan Kilbane, Partner with RBK presented the results of our annual Credit Union Benchmarking Survey at our Credit Union Seminar in May 2024.
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The Implications of the Amended Minimum Competency Code (MCC) 2023 for Credit Unions 471.53 KB
With effect from 1 October 2024, the MCC 2017 and MCR 2017 will apply to all in-scope activities for credit unions. These regulatory changes are being introduced with a view to ensuring that credit union members are afforded the same level of protection as consumers availing of similar products and services from other regulated entities. The MCC specifies certain minimum competencies for individuals and is closely linked with the Fitness and Probity Regime while the MCR places obligations on the credit union itself.
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