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Armagh Credit Union Risk Register
Policy Number 1

Risk Area
SCV

Risk Description
Lack of updated address

Likelihood / Possible Impact / Probability Cost
Low

Measure Implemented

Last Review Date
Mar '15

Members unable to Followup AGM returns annually for receive payment if change of address required by the FCA/PRA Loss of member(s), possible court case, etc Breaking ILCU rules, creating a problem with neighbouring CU Training on behaviour, etc, positive Re-enforcement Carefully check their address, agree boundaries with neighbouring CUs e.g. post codes

2

Lack of Ethics

Director or staff member unprofessional behaviour Too many members from outside the common bond

Low

Mar '15

3

Membership

Low

Mar '15

4

Equal Opportunities

Failure to treat all staff, members in the same manner

Low

Loss of staff, loss of Attending a course, positive members, poor reputation Re-enforcement Non-compliances with statutory requirements Loss of members, in breach of FCA rules Always follow the complaints procedure, one staff member in charge of the process The Board should meet annually to review workload/procedures The Board should review its expenses policy annually The Board to carefully review its opening hours annually Board training officer looks at the appraisals

Mar '15

5

Complaints

Failure to deal with a complaint properly

Low

Mar '15

6 7

Supervisors Expenses

Failure by the supervisors to follow their procedures Failure to follow expenses policy

Low Low

Increased risk to the CU and its members Loss of reputation, possible loss of staff Staff attacked leaving work Low staff morale, staff leaving

Mar '15 Mar '15

8 10

Opening hours Appraisals

Asking staff to work late at night Inconsistent grading of staff

Low Low

Mar '15 Mar '15

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


Armagh Credit Union Risk Register
11 Policy Number Staff training Poorly trained staff Low More complaints from members, more errors Appoint a training officer, review policy annually Mar '15

Risk Area

Risk Description

Likelihood / Possible Impact / Probability Cost
Medium Low Low

Measure Implemented

Last Review Date
Mar '15 Mar '15 Mar '15

11 12 13

Directors training Money Laundering

Directors not properly trained ACU used to launder money

CU loses its direction, fall Director training to be reviewed foul of FCA/PRA rules on a regular basis Staff/Directors in trouble with the law Remaining staff over worked/low morale, lack of quality service Staff or member injured Anti-money laundering courses Appoint a Board staff Liaison officer

Mis-use of sick leave Staff mis-using sick leave

14

Health & Safety

Wet floor

Low

Staff to be aware of possible Problem & take action

Mar '15

15

Liquidity risk

Lack of financial resources to meet our obligations as they fall due

Low

Loss of members, loss of Always hold liquid assets of a reputation, failure to value at least 10% of total comply with statutory liabilities requirements Fraud Staff to adhere to the Board's cheque signing policy, checked on a regular basis via the internal audit Staff appraisals, complaints procedure

Mar '15

16

Cheque signing

Unauthorised cheque signing

Low

Mar '15

17

Operational Risk

Demoralized staff

Low

More complaints from members, bad staff/ Board relations, loss of members, loss of staff

Mar '15

17

Security Risk

Staff member attacked while on-route to deposit money in the Bank

High/Medium Staff member injured/ loss of funds, increased insurance cost

Vary the time of deposit, different staff, use different days

Mar '15

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


Armagh Credit Union Risk Register

Policy Number

Risk Area

Risk Description

Likelihood / Possible Impact / Probability Cost
Low Loss of funds, loss of reputation

Measure Implemented

Last Review Date
Mar '15

17

Internal control

Writing of cheques to officers by fellow officers

All cheques to officers must be Counter-signed by the Manager /Assistant Manger/nominated Board member All cheques over ё5000 to be Counter-signed by the Manager/ Assistant Manager Two Board members must check and sign invoices Internet use logged Close relations can not work in the same area of the CU operations or sign cheques for family members Daily off-site backups plus a contract with an IT supplier to Re-start CU activities within hrs Only the Manager can reactivate dormant accounts .. access to the system is recorded & checked by the supervisors via the internal audit

17

Internal control

Staff collude to defraud the CU

Low

Loss of money, loss of reputation

Mar '15

17 18 19

Invoice payment Internet Connected persons

Insufficient checks, mis-payment Inappropriate internet use Conflict of Interest

Low Low Low

Loss of funds/Fraud Loss of reputation Possible fraud

Mar '15 Mar '15 Mar '15

20

IT Risk

A major computer crash resulting in total loss of our data Staff access to dormant accounts

Low

CU activities are halted

Mar '15

20

Dormant accounts

Medium

Loss of money, loss of reputation

Mar '15

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


Armagh Credit Union Risk Register
20 20 Policy Number Computer access Access to member details A staff member who has left the CU yet has access to the computers Unauthorised amendments to member details Low Medium Increased risk to CU Loss of reputation/fraud Upon leaving their job, a staff user account must be deactivated All changes to member details are logged online Mar '15 Mar '15

Risk Area

Risk Description

Likelihood / Possible Impact / Probability Cost

Measure Implemented

Last Review Date

21

Accidents

A staff member/Director/member has a accident while in the CU Fewer members, fewer loans, etc

Low

Possible legal impact

Appoint a staff safety officer who reports to the Board monthly

Mar '15

22

Lack of marketing

Medium

CU loses it direction and Market both nationally via the ILCU purpose and locally via the local press and our internet page Loss of staff/Directors, poor staff relations, etc Loss of member details Run regular courses Nightly off-site backups Spread investment over a range of Banks, no high risk investment use institutions with a high raking Ensure front line staff are equipped to reassure concerned members Have a Board Committee in charge of FCS/PRA Governance and Compliances Individual savings capped at ё 1 5 ,0 0 0 .0 0

Mar '15

23 24 25

Grievance Business continuity

Lack of discipline by staff/Directors, etc A major computer crash resulting in total loss of member data Bad investment of members savings in a Bank which defaults Negative publicity regarding Credit Union savings Not following best practise and/or failing to adhere to FCA/PRA rules

Low Low

Mar '15 Mar '15 Mar '15

Reputational Risk

Low/Medium Loss of savings, loss of members Low/Medium A run on our savings

25

Bad PR

Mar '15

25

Legal & Regulatory Risk

Low

Possible loss of members and their savings Potential for loss of savings

Mar '15

25

Funding concentration Savings sourced from too few members

Low

Mar '15

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


Armagh Credit Union Risk Register
26 Internal audit Fraud Medium/High Loss of funds, loss of reputation, loss of members Low Follow the internal audit policy, review annually Mar '15

27

Investments

Poor investments

Loss of members money, Divide investments into a range of loss of members, etc products, banks, appoint an investment committee

Mar '15

Policy Number

Risk Area

Risk Description

Likelihood / Possible Impact / Probability Cost
Low Loss of staff, possible court case

Measure Implemented

Last Review Date
Mar '15

28

Harassment

Harassment of staff by staff, by Directors

Training courses, reminder of staff to read policy documents

29

Succession planning

Loss of Board members

Medium

Loss of direction, unable Draw up a list of possible people to move forward to approach depending on the expertise required Loss of direction, unable Have proper staff training program to move forward with sufficient skill overlap Loss of funds/reputation All rescheduled loans must be signed off by Chair of the Comm.

Mar '15

29

Succession planning

Loss of key staff

Low

Mar '15

30 30

Loan approval Loans of Officers

Rescheduled loans not properly authorised Insufficient checks

Medium Low

Mar '15 Mar '15

Possible bad lending/bad All loans to Officers must be PR checked by the Special Comm. & via the Internal Audit Credit check on all loans, check on ability to re-pay loan

31

Credit Risk

Member who gets a loan but then requests reduced terms

High/Medium Increased losses to the CU, reduced dividend to members High Increased losses to the CU

Mar '15

31

Credit Control

Member who rescheduled a loan to pay interest only

Review after 6 weeks, meet the member and decide on ability to

Mar '15

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


Armagh Credit Union Risk Register
pay 32 Bad debt provision Insufficient bad debt provision Low Unable to cope with bad debt Adhere to policy, computer system outputs the recommended amount every month, appoint staff to keep bad debts under control Adhere to policy, regular internal audit checks Mar '15

33

Cash handling

Poor cash handling procedures

Low

Possible fraud

Mar '15

Policy Number

Risk Area

Risk Description

Likelihood / Possible Impact / Probability Cost
High Reduced or perhaps zero dividend at year end

Measure Implemented

Last Review Date
Mar '15

34

Interest Rate Risk

Very low bank interest rates on the CU deposits in the banks Members moving their money to other institutes to get a better interest rate Major local employer leaving the area

Try to increase lending

34

Members moving shares to other institutions Loss of Members

Medium

Loss of members, loss of Give an annual rebate income Members withdrawing saving Loss of savings None, beyond our control

Mar '15

34

Medium

Mar '15

34

Funding Risk

High market interest rates making our loans attractive but savings less so

Low

Cap savings at ё15,000 making it less attractive to other Institutes .. members receive annual dividend

Mar '15

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