All professional fees are agreed between WDA and the Credit Union prior to the commencement of the engagement at mutually agreeable levels, so there is no hidden surprises or overruns.
All dates are agreed with the Credit Union to ensure the report is delivered in a timely manner. Once we have completed our onsite work, we draft the report based on our findings and then present same to the Board for their consideration and opinions. We have found that in our experience this is an extremely important part of the reporting process. Upon completion of the final draft of the Loan Book Review, our report is hand delivered to the Central Bank office. In addition to this, bound hard copies together with a soft copy of the report are issued to the Credit Union.
In our opinion the Loan Book Review process should not be seen as another layer of compliance and regulation, but instead a vital tool that all Credit Unions should carry out to ensure the health of their biggest asset i.e. your Loan Book. Annual Independent Loan Book reviews should be considered good Corporate Governance for all Credit Unions.
The fact that the review has been carried out by independent external professional advisers such as WDA will ensure there are no hidden surprises to the Board, the Members and the Central Bank.