OUTSOURCED RISK & COMPLIANCE

Outsourced Risk & Compliance for Credit Unions

Practical, independent and experienced support to help Credit Unions meet their regulatory obligations and maintain strong governance.

WDA provides dedicated outsourced Risk and Compliance services tailored specifically to the Credit Union sector.

Our approach is designed to give Boards and management teams access to experienced, independent support without the need to maintain every specialist function internally.

Credit Union Expertise

In-depth understanding of the sector and regulatory environment.

Independent and Objective

Separate Risk and Compliance engagements to support independence and objectivity.

Practical Reporting

Clear, relevant information for management teams and Boards.

Fixed and Agreed Fees

Transparent fees agreed in advance, with no hidden costs.

Supporting Effective Risk & Compliance Oversight

A robust Risk and Compliance framework is an important part of good governance and the long-term sustainability of every Credit Union.

WDA provides separate outsourced Risk and Compliance engagements, tailored to the specific needs, size and complexity of each Credit Union.

Our aim is to help Boards and management teams maintain effective oversight, identify emerging issues and meet their regulatory responsibilities with confidence.

Download our brochure here: WDA Outsourced Risk & Compliance Services

Outsourced Risk Function

Our outsourced Risk Function provides independent oversight of the Credit Union’s risk management framework, supporting the identification, assessment and monitoring of key risks.

Support can include:

  • Development and review of the risk management framework
  • Oversight and maintenance of the risk register
  • Monitoring of key risks and emerging risk areas
  • Review of risk appetite and associated controls
  • Reporting to management and the Board
  • Support with risk-related policies and procedures
  • Tailored support based on the size and complexity of the Credit Union

Outsourced Compliance Function

Our outsourced Compliance Function helps Credit Unions maintain an effective compliance framework and supports ongoing oversight of regulatory obligations.

Support can include:

  • Compliance monitoring and testing
  • Regulatory change and implementation support
  • Review of policies, procedures and compliance frameworks
  • Support with annual compliance planning
  • Identification and escalation of compliance issues
  • Reporting to management and the Board
  • Tailored support aligned with the Credit Union’s requirements

The Benefits of an Outsourced Model

Outsourcing the Risk and Compliance functions can provide a number of benefits for Credit Unions, particularly where specialist internal resources are limited.

Continuity of Service

Provides consistent specialist support and reduces the disruption that can arise from staff absence, turnover or recruitment challenges.

No Internal Training Requirements

Reduces the need to recruit, train and continually develop specialist Risk and Compliance resources internally.

Reduced HR & Employment Issues

Removes the requirement to directly recruit and manage additional specialist employees.

Independence & Objectivity

Helps reduce potential conflicts that can arise where Risk or Compliance responsibilities are combined with operational roles.

Practical and Relevant Reporting

Provides clear, useful and proportionate information to management teams and Boards.

Training and Support

Can include practical training and guidance for management teams and Boards to strengthen understanding and capability.

Contact Us

Lets start a conversation

Whether you have a specific requirement or would simply like to discuss how WDA can support your organisation, our team would be happy to hear from you.

Get in touch today and one of our team will come back to you.

  • (01) 6771411

  • info@wda.ie

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Call our team and we’ll make sure you’re connected with the right person.

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Additional Credit Union Services

Pre-PRISM / Mock PRISM Audits

Independent reviews designed to help identify potential issues, strengthen controls and support readiness ahead of regulatory inspection.

Review & Audit Current Credit Union IT systems

A practical review of existing IT systems, controls and processes to help identify risks, weaknesses and opportunities for improvement.

Assistance in the Recruitment of key staff members

Support throughout the recruitment process to help credit unions identify, assess and appoint suitable candidates.