Our aim is to provide peace of mind to the oversight of IT within organisation, free your time to focus on the business functions and provide clarity to the operations of IT, documentation and service providers.
Many reports from the Central Bank and other financial regulatory institutions have highlighted risks that IT presents to credit unions due to lack of understanding, insufficient procedures and uneducated practices.
In the Credit Union sector, the primary IT Governance areas are:
- Central Bank of Ireland thematic reports on IT Oversight and Cyber Security
- Demands from members for enhanced online user experience
- Competition from other financial institutions and providers
- Oversight and risk mitigation on IT systems, solutions and security
These risks and concerns are reflected in other sectors, but common theme’s outlined above, is relevant in all sectors.
The Central Bank report in 2018 on IT Risks in Credit Unions, “IT Risks in Credit Unions – Thematic Review Findings” assessed four areas to assess risks with in the sector.
- IT Governance
- IT Security
- Business Continuity Planning
- IT Outsourcing
It is our opinion that these risks can be mitigated and controlled by use of policies, procedures and action plans coupled with regular clear language reports to the management team and board. We have expertise in the development of financial projections for the IT budgets and IT project management.
 Central Bank of Ireland Thematic Report on IT Risks in Credit Unions, Jan 2018