COMPLIANCE FUNCTION

WDA have developed the service offering of a Fully Outsourced Compliance Officer to the Credit Union Sector. The service has been built on the Credit Union Act and is fully compliant with the requirements of the Act.

We have outlined below how the implementation of a typical compliance function engagement, please note all engagements are tailored to fit your Credit Union’s resources and expectations.

Step 1

Assess existing Compliance Function. Review: Annual Compliance Plan, Annual Compliance Statement, Breach Register, previous reports, Internal Audit Reports, Risk Reports etc.

Step 2

Review Compliance Polices (including Credit Union’s Materiality Statement) & make recommendations for improvements (where required)

Step 3

Implement updated Annual Compliance Plan

Step 4

Assess the Credit Union’s compliance in line with Credit Union Act

Step 5

Assess the Credit Union’s compliance in line with all other relevant legislation (AML, Data Protection etc.)

Step 6

Update Breach Register and review remediation plans for all identified breaches

Step 7

Deliver compliance reports to Management team and Board of Directors: Report periodically on compliance assessments, identified breaches

Step 8

Review and report on relevant upstream legislative and compliance issues

Step 9

Deliver compliance training to help embed culture of compliance

Step 10

Prepare Annual Compliance Statement for Board approval and submission to Central Bank

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