Chapter III...Data sheets are an important tool we use to identify and measure credit union risks in the UK. They help remind us what to ask and where to look when we're doing an on-site analysis and they provide us with a record of what we saw or heard, as when and where we found the facts that support our RM opinions. Data sheets also provide underwriters, claims personnel, and account relationship representatives with facts they need to do their jobs. Finally, data sheet provide us with facts on which we based our recommendations and a tool to defend our recommendations if and when they are challenged. Our data sheets have evolved with the credit union movement in the UK and they'll continue to change as credit unions change and face new risks. 

Our written reports help us communicate with those responsible for implementing our recommendation. Because communication is so important, we've establish report writing standards and guideline that clearly state our RM concerns, tell why they are concerns, and provide specific RM recommendations that are appropriate for the credit union. Written reports also prioritize RM recommendations so we bring our most important "level #1" recommendations to their attention first. Finally, written reports establish compliance timelines and make clear our expectations that risks will be better managed in the future.

Again this year, I've asked Rich Woldt to review our data sheets and written reports and suggest any process improvements. I've also asked him to identify new questions we should be asking along with new RM data sheets we should be creating. Please share your questions and opinions with Rich either in person or via one of the surveys you may be asked to complete.

Steve Finnigan

Our written reports represent us  Click here to begin Chapter III...