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
Acceptable Risk Level
Asset-Liability Management
Basel Capital Requirements
Capital Adequacy
Composite Risk Rating
Concentration Risk
Control Environment
Credit Risk
Credit Union
Counterparty Risk
Deposit Insurance
Enterprise Risk Management
Financial Institution Regulator
Governance Framework
Inherent Risk
Interest Rate Risk
Key Risk Indicators (KRIs)
Liquidity Risk
Market Risk
Material Risk
Member
Operational Risk
Probability of Default
Regulatory Capital
Residual Risk
Risk Appetite
Risk Assessment Matrix
Risk Control Self-Assessment
Risk Limit
Risk Management Framework
Risk Mitigation
Risk Profile
Risk Rating
Risk Register
Risk Tolerance
Risk Transfer
Strategic Risk
Stress Testing
Systemic Risk
Value at Risk (VaR)
Asset-Liability Management
Basel Capital Requirements
Capital Adequacy
Composite Risk Rating
Concentration Risk
Control Environment
Credit Risk
Credit Union
Counterparty Risk
Deposit Insurance
Enterprise Risk Management
Financial Institution Regulator
Governance Framework
Inherent Risk
Interest Rate Risk
Key Risk Indicators (KRIs)
Liquidity Risk
Market Risk
Material Risk
Member
Operational Risk
Probability of Default
Regulatory Capital
Residual Risk
Risk Appetite
Risk Assessment Matrix
Risk Control Self-Assessment
Risk Limit
Risk Management Framework
Risk Mitigation
Risk Profile
Risk Rating
Risk Register
Risk Tolerance
Risk Transfer
Strategic Risk
Stress Testing
Systemic Risk
Value at Risk (VaR)
Clauses
Risk Governance
Risk Appetite and Tolerance
Regulatory Compliance
Risk Assessment Methodology
Risk Reporting Requirements
Control Assessment
Capital Requirements
Credit Risk Management
Market Risk Management
Operational Risk Management
Liquidity Risk Management
Strategic Risk Management
Information Security
Data Privacy
Business Continuity
Stress Testing Requirements
Risk Monitoring
Review and Updates
Documentation Requirements
Board Oversight
Risk Committee Responsibilities
Management Responsibilities
Internal Audit Requirements
External Audit Requirements
Confidentiality
Record Retention
Regulatory Reporting
Risk Mitigation Measures
Emergency Response
Contingency Planning
Risk Appetite and Tolerance
Regulatory Compliance
Risk Assessment Methodology
Risk Reporting Requirements
Control Assessment
Capital Requirements
Credit Risk Management
Market Risk Management
Operational Risk Management
Liquidity Risk Management
Strategic Risk Management
Information Security
Data Privacy
Business Continuity
Stress Testing Requirements
Risk Monitoring
Review and Updates
Documentation Requirements
Board Oversight
Risk Committee Responsibilities
Management Responsibilities
Internal Audit Requirements
External Audit Requirements
Confidentiality
Record Retention
Regulatory Reporting
Risk Mitigation Measures
Emergency Response
Contingency Planning
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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