Enterprise Risk Management

Ontario Regulation 237/09 is being amended as of January 1, 2018. One of the amendments is the removal of the distinction between class 1 and class 2 credit unions. Former class 1 credit unions will now be subject to existing rules, regulations and DICO by-laws currently applicable only to class 2 credit unions.  One of the current requirements for a class 2 credit union is the requirement to develop an Enterprise Risk Management system.  Will your Credit Union be ready?

 

Jones & O’Connell LLP can draw upon our expertise in servicing credit unions in the areas of external audit, internal audit and consulting to assist in the development of an ERM system that will help your credit union meet the DICO requirements and allow you to continue to provide value to your members.

 

Our external and internal audit programs already focus on areas of risk to a credit union and as such we can draw upon this knowledge as a foundation for developing your own credit union’s specific ERM plan.  Through consultation and communication with various stakeholders, including board members, committee members, senior management and staff members we will work with you to develop an ERM plan that is sufficient and appropriate for the size and complexity of your credit union.

 

Contact Us to discuss how we can serve your credit union today.

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