Risk Management System for Credit Unions

September 24, 2024

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Case study: risk & compliance management

A central risk management platform for Irish Credit Unions

How Target Integration helped CUDA replace manual, inconsistent risk processes with one shared system, now used by more than 30 Credit Unions to manage risks, controls and assessments.

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Overview

In 2013, Ireland was in the middle of a major financial downturn, and many Irish Credit Unions were going through difficult times. Managing risk properly became essential, both for the Credit Unions themselves and for the auditors and regulators overseeing them.

The Credit Union Development Association (CUDA) stepped in and approached Target Integration to help build a consistent, central way for Credit Unions to manage risk and demonstrate compliance.

The challenge

Before the platform was introduced, risk management across Credit Unions was fragmented:

  • Manual or missing processes: risk management was either non-existent or handled manually, which was time-consuming and prone to error
  • No common standard: every Credit Union used a different method to manage and record risk, so auditors and regulators had to work through a different process each time
  • Duplicated effort: each Credit Union built its own risk and control libraries from scratch
  • One size didn’t fit all: not every risk applied to every organisation, so any system had to adapt to each Credit Union’s needs

The solution

Target Integration developed the Credit Union Support Platform (CUSP) for CUDA. Alongside learning, communication and operational support, CUSP includes a full risk management system built around a shared standard that each Credit Union can tailor.

Central risk and control librariesA shared library, researched centrally by CUDA and aligned with Central Bank of Ireland guidelines.
Tailored risk profilesEach Credit Union defines the risks that apply to it and its own risk appetite.
Linked controlsRelevant controls are mapped to each risk, with their performance tracked.
Risk register and assessmentsControl performance is recorded as risk assessments and reviewed periodically.
Full audit historyA complete record of improvements over time, ready for auditors and regulators.
Consistent reportingOne common structure across organisations makes oversight faster and simpler.

The outcome

Target Integration delivered the system on time and within budget. Since its launch in 2013, more than 30 Credit Unions have used the risk management system, available to them through CUDA.

It has also helped CUDA stand out, offering its members a level of support services and systems that goes beyond what many other associations provide, supporting member retention and development.

Why this matters for public sector organisations

Councils, health bodies, housing providers and government agencies all face the same pressures: demonstrating compliance, managing risk consistently across teams or sites, and giving auditors a clear, reliable record.

This project shows how Target Integration replaces manual, spreadsheet-based governance with a central, configurable system, combining a shared standard with local flexibility and available through established public sector procurement frameworks.

Still managing risk and compliance in spreadsheets?

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About CUDA: The Credit Union Development Association is a Credit Union-owned network providing support in regulatory compliance, risk management, shared services and competency development.