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Armagh Credit Union

Management Information Policy
This policy was adopted by the Board of Directors of Armagh Credit Union Limited.

Signed:Position Position ________________ ________________

Date:

Armagh Credit Union is authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority Registration Number 573925: Version Dec2015


Armagh Credit Union

Purpose This Management Information Policy addresses the need for accurate and complete information to enable the board of directors and the management team to direct, control and manage the credit union's business effectively and efficiently and to make informed strategic and operational decisions. Other related policies are: Information Security Policy Internet Policy Business Continuity Policy Data Protection

Introduction Management information required to enable the board of directors and the management team to direct, control and manage the credit union's business effectively and efficiently and to make informed strategic and operational decisions shall be produced on a regular basis, but at least monthly. The board of directors shall assess and review the information systems that produce management information on a regular basis, at least annually, to ensure that the information produced is accurate, reliable, consistent, and timely and that the management information meets all legal and regulatory requirements and guidance. Policy The credit union shall ensure that its information systems produce management information and other reports that are accurate, reliable, consistent, and timely so as to enable the board of directors and management team to: direct, control and manage the credit union's business efficiently and effectively, make informed strategic and operational decisions, and provide accurate information to regulatory and legal bodies on a timely basis, as and when required. `Information systems', in relation to the business of the credit union, means all the technical and non-technical methods of establishing, implementing, documenting and maintaining data and information within the credit union. Reporting Management information covers the following reporting at a minimum:
Armagh Credit Union is authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority Registration Number 573925: Version Dec2015


Armagh Credit Union

Report Reports on the Financial Position of the Credit Union Past performance, trends, projections of the financial position of the Credit Union Strategies proposed by the Manager Updates on the performance of the credit union against projections targets and criteria set out in the strategic plan Membership and accounts of the Credit Union Reports on the activities of each board committee Reports on the test results of the Business Continuity Plan Reports of the Credit Committee Reports of the Credit Control Committee Reports of the Membership Committee Reports from the Risk Management Committee Reports from the Compliance Committee Reports from the internal audit function Information Security Assessment Report Incident Management Report Change Management Log Information Systems Assets Report

Frequency Monthly Quarterly Quarterly Quarterly Monthly Monthly Annually Monthly Monthly Monthly Quarterly Quarterly Monthly Annually As Required Quarterly Annually

Distribution Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Boar Boar Boar Boar Boar d d d d d of of of of of Di Di Di Di Di r r r r r ect ect ect ect ect or or or or or s s s s s

Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors

Procedures To ensure the reliability, consistency, timeliness, accessibility and comprehensiveness of management information, appropriate quality control measures shall be implemented. Examples of quality control measures are the analysis of data to identify any missing or irregular data entries, statistical summaries, and checking for data that are inconsistent with other similar data.
Armagh Credit Union is authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority Registration Number 573925: Version Dec2015


Armagh Credit Union

For the independent assurance that information systems produce accurate management information, appropriate quality assurance and audit procedures shall be implemented. Quality assurance and audits use the information from quality control to analyse how and where anomalies in information arise and help to define the actions to resolve any issues. For the secure storage, back-up, transmission and disposal of management information in line with all legal and regulatory requirements and guidance, including data protection requirements and guidance, an appropriate backup and recovery strategy shall be adopted and implemented. The backup strategy must include regular backups and storage at a suitable off-site storage location. This will facilitate retrieval of data following minor operational failures as well as total and complete disasters. The backup and recovery of IT systems shall be monitored and tested to ensure that when they are required as a result of a major incident, they will operate as needed. Monitoring and testing procedures and protocols shall be defined in the Credit Union Business Continuity Plan. As well as electronic data, all other important information and documents shall be stored off-site. Retention durations of backups and non-electronic information shall be based upon any legal and regulatory requirements. Appropriate measures shall be put in place to dispose of information, either electronic or non-electronic, after defined retention periods have lapsed. To ensure compliance with legislative and regulatory requirements including data protection legislation, the Credit Union as a data controller shall ensure that in respect of personal data kept on file, that it complies with the Data Protection Act to the extent that the data is obtained and processed fairly, that it is accurate and up to date, only used and kept for lawful purposes, is not used or disclosed in any manner incompatible with lawful purposes, and that it is not kept for longer than is necessary. Error Logging and control There shall be systems and procedures in place to identify any errors in management information. Errors shall be logged and appropriate corrective actions designed and implemented. Where appropriate, procedures shall be updated accordingly to ensure that errors do not re-occur. Policy Review This policy is formally reviewed on an annual basis.

Armagh Credit Union is authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority Registration Number 573925: Version Dec2015