First Compliance offer a complete regulatory compliance service for Credit Unions.
Regulatory Compliance – Our approach
Robust compliance systems enable a Credit Union to demonstrate transparent and effective governance as well as evidencing regulatory adherence. Effective compliance mitigates the risk of financial penalties, reputational damage, and operational disruptions for a Credit Union, while also protecting shareholders’ Funds.
First Compliance provide a complete compliance support service for your Credit Union. We assist you in all elements of this responsibility from developing policy and process, to record keeping and reporting. We are by your side and complement the skills and resources within your Credit Union.
Mutual Compliance
First Compliance is developing a unique Credit Union specific Compliance and Risk support and advice service which standardises policy and process across all participants:
- Policy and Standards development.
- Risk Assessment and Mitigation Advice
- Scheduled Testing and Monitoring
- Governance Guidance
- Support for scheduled returns and Ad-hoc submissions.
This standardised service enables a Credit Union to benefit from being part of a wider community, and enhances its ability have to strong resilient in-house compliance function.
The operational process
Developing an effective operational process to maximise compliance management within a Credit Union requires a structured approach that incorporates clear policies, regular staff training, and robust internal controls.
First Compliance offers the support to develop compliance mechanisms and processes as elements of everyday operations to ensure maximum impact with a minimum of disruption.
First Compliance makes Compliance work for You.
Managing policies and processes
Managing Policies and Processes to comply with financial regulatory requirements requires a robust framework.
We offer experience based practical support to ensure that your internal controls, documentation, and reporting mechanisms align with the standards set by the regulators.
By fostering a culture of compliance and vigilance, Credit Unions can mitigate risks to protect their members and reputation.
Managing new regulatory requirements
- Regulatory horizon scanning
- Identify upcoming change and manage those change collectively
- Update to documentation and process
Bring part of your team
We work with your Credit Union to complement the skills and resource of each individual organisation. We will always need an internal resource to manage the administrative elements of this function, and will map our service to fit those resources. We are the CU-CF2 resource and our service will range from a more hands approach for Smaller Credit Unions to advisory and management support for larger Credit Unions. In any event, we are with you through all phases as your Credit Unions grows and evolves;
- An outsourced resource that is normally part of the management team
- We are there to support you at times of change
- We support you on critical issues as they rise
- CPD Training
Your reliable partner to manage the risk and compliance obligations in a professional, organised and systematic manner.