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Governance Transformation

The governance reform that has taken place in Irish credit unions since 2012 is a crucial ingredient of the evolution of credit unions, positioning Irish credit unions to continue fulfilling their role as key niche service providers in the context of the modern day financial services landscape.  The key challenge now for credit unions is how to yield a return from the investment credit unions have made in their governance structures. Credit unions remain under-lent. Credit unions operate in a technological world that refuses to stand still. The new governance framework needs to be seen as providing a foundation to deal with these challenges, rather than representing an unhelpful distraction to these challenges.  Part of this requires a focus on efficiency. All of the components of the governance framework need to be not just compliant, but also efficient and effective. We have designed a special programme to assist credit unions in this regard. The programme reviews roles and responsibilities of the players in the governance context, not just in terms of compliance, but in terms of efficiency. The key outcomes will be the following:
•    Elimination of duplication
•    Minimisation of over-laps
•    Development of cohesiveness and collaboration between the various governance parties 
•    Enhanced reporting
•    Enhanced KPI framework/ KRI framework
•    Greater clarity of split between operational and non-executive 
•    Greater bias toward the core elements of governance; strategy, risk and internal controls.