The Credit Union Risk Assessment is a critical document required by Canadian provincial regulators to evaluate and document a credit union's comprehensive risk profile. It is typically prepared annually or when significant changes occur in the organization's operations, market conditions, or regulatory environment. The assessment covers multiple risk dimensions including credit, operational, market, compliance, and strategic risks, providing both quantitative and qualitative analysis. It serves as a fundamental tool for decision-making by the credit union's management and board, while also demonstrating regulatory compliance to provincial authorities. The document must align with provincial credit union legislation, federal anti-money laundering requirements, and industry best practices for risk management in the Canadian financial services sector.
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1. 1. Executive Summary: High-level overview of key findings, major risks identified, and critical recommendations
2. 2. Introduction: Purpose of the assessment, scope, and methodology used
3. 3. Credit Union Profile: Overview of the credit union's size, operations, products, services, and market position
4. 4. Risk Governance Framework: Description of existing risk management structure, policies, and procedures
5. 5. Credit Risk Assessment: Analysis of lending portfolio risks, credit quality, and concentration risks
6. 6. Operational Risk Assessment: Evaluation of operational processes, systems, and controls
7. 7. Market Risk Assessment: Analysis of interest rate risk, liquidity risk, and investment portfolio risks
8. 8. Compliance Risk Assessment: Evaluation of regulatory compliance status and related risks
9. 9. Strategic Risk Assessment: Analysis of business strategy risks, competitive position, and growth plans
10. 10. Risk Mitigation Strategies: Recommended actions and controls to address identified risks
11. 11. Monitoring and Review Framework: Procedures for ongoing risk monitoring and assessment updates
1. Technology Risk Assessment: Detailed analysis of IT systems and cybersecurity risks - include when the credit union has significant digital operations
2. Environmental Risk Assessment: Analysis of environmental risks in lending portfolio - include for credit unions with significant commercial or agricultural lending
3. Third-Party Risk Assessment: Evaluation of vendor and partner risks - include when the credit union has significant outsourcing arrangements
4. Foreign Exchange Risk Assessment: Analysis of foreign currency exposure - include when the credit union has international operations or significant forex exposure
5. Merger and Acquisition Risk Assessment: Include when the credit union is considering or undergoing M&A activity
1. Appendix A: Risk Assessment Methodology: Detailed explanation of risk assessment approaches and scoring systems used
2. Appendix B: Risk Matrix and Heat Maps: Visual representations of risk assessments and priority levels
3. Appendix C: Financial Analysis: Detailed financial metrics, trends, and peer comparisons
4. Appendix D: Control Testing Results: Results of control effectiveness testing and gap analysis
5. Appendix E: Regulatory Compliance Checklist: Detailed compliance status against regulatory requirements
6. Appendix F: Action Plan Timeline: Detailed timeline for implementing risk mitigation recommendations
7. Appendix G: Risk Indicators Dashboard: Key risk indicators and their trending analysis
8. Schedule 1: Capital Adequacy Analysis: Detailed analysis of capital positions and stress testing results
9. Schedule 2: Loan Portfolio Analysis: Detailed breakdown of loan portfolio and risk characteristics
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Credit Unions
Cooperative Financial Institutions
Financial Technology
Insurance
Wealth Management
Agricultural Finance
Commercial Banking
Retail Banking
Relevant Teams
Risk Management
Internal Audit
Compliance
Executive Leadership
Board of Directors
Credit Administration
Treasury
Operations
Finance
Legal
Information Technology
Portfolio Management
Relevant Roles
Chief Risk Officer
Risk Manager
Chief Executive Officer
Chief Financial Officer
Chief Compliance Officer
Internal Auditor
Credit Manager
Operations Manager
Board Director
Risk Analyst
Compliance Officer
Treasury Manager
Portfolio Manager
Credit Union Examiner
Financial Controller
Chief Operating Officer
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