AGM 2013 W E L O O K A T T H I N G S D I F F E R E N T L Y Monitoring Presentation January 2015 David Hewson W E L O O K A T T H I N G S D I F F E R E.

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Presentation transcript:

AGM 2013 W E L O O K A T T H I N G S D I F F E R E N T L Y Monitoring Presentation January 2015 David Hewson W E L O O K A T T H I N G S D I F F E R E N T L Y Monitoring Presentation January 2015 David Hewson

W E L O O K A T T H I N G S D I F F E R E N T L Y 2 Regulation and challenges ROI Tougher regulatory regime in recent years Final Report of the Commission on Credit Unions published March 2012 Credit Union and Co-operation with Overseas Regulators Act 2012 published Jan 2013 More powers for Central Bank to intervene and take control of credit unions 18 credit unions transferred in 2014

W E L O O K A T T H I N G S D I F F E R E N T L Y 3 Regulation and challenges ROI Extra requirements for credit unions under: –Strategic planning –Risk management –Compliance –Fitness and probity –Internal Audit –Anti Money Laundering

W E L O O K A T T H I N G S D I F F E R E N T L Y 4 Regulation and challenges NI FSA took over regulation in March 2012 FSA now replaced by PRA and FCA with regulatory restructuring in UK (April 2014) Extra requirements for credit unions under loan provisions, liquidity, investments, strategic planning, risk management Capital requirements are lower under PRA (can be as low as 3%)

W E L O O K A T T H I N G S D I F F E R E N T L Y 5 Monitoring Framework Risk based approach, prioritise resources Based on quarterly returns and PEARLS ratios derived from same Focus resources on problem areas Coupled this with aim to visit each CU every two years (subject to resources) Review processes annually (i.e update reports to take account of changed priorities)

W E L O O K A T T H I N G S D I F F E R E N T L Y Monitoring Department Organisation Chart Many are ACCA, CIMA or ACA qualified Some are forensic accountants Some have compliance and QFA qualifications Head of Monitoring Business Managers (1) Field Officers (10) Senior Analyst (1) Admin (2)

Risk based audit reviews (ROI & NI) Loan book reviews (ROI & NI) ECCU Insurance Reviews (ROI & NI) Investment & Fixed Asset reviews (ROI) Internal controls & Viability reviews (ROI & NI) Compliance reviews & Governance reviews (ROI & NI) Systems and report reviews (ROI & NI) Conflict Resolution (ROI & NI) Due diligence reviews as part of Transfer of Engagements process (ROI & NI) W E L O O K A T T H I N G S D I F F E R E N T L Y Reviews completed by Field Officers

W E L O O K A T T H I N G S D I F F E R E N T L Y 8 Monitoring assistance in other areas Monitoring Department issue PEARLS reports, performance statistics and best practice (Senior analyst) Monitoring Dept provide training on strategic planning, risk management and compliance (field officers) Monitoring staff also seconded to provide an internal audit service in due course Update and issue draft policies to credit unions (Senior analyst and field officers)

W E L O O K A T T H I N G S D I F F E R E N T L Y 9 ILCU staffing and functions Monitoring Dept staff Finance Dept 5 staff Communications Dept 8 staff Legal Dept 2 staff Compliance Dept 2 staff HR Dept 2 staff ICT Dept 3 staff Learning and Devel10 staff Foundation Dept 4 staff Total approx 46 (for 463 credit unions)

W E L O O K A T T H I N G S D I F F E R E N T L Y 10 Minimum requirements for Belize Simple excel quarterly return to include at a minimum: Income and Expenditure, Balance Sheet, Arrears and Capital and remote access for staff 2 staff required, 1 staff member in the field full time, 1 staff member partly office based for analysis and report work, partly in the field Work schedule to be based on analysis of quarterly returns Credit unions close to insolvency and with viability issues will require more resources