Appointed Officers

Appointed Officers

Rule 86. Manager

  1. The board of directors shall appoint an individual to the role of manager of the credit union.
  2. The manager of a credit union shall be the chief executive officer of the credit union having responsibility for the day-today management of the credit union’s operations, compliance and performance and shall be responsible to the board of directors for the performance of his or her functions.
  3. The functions of the manager of a credit union include the following:
    • without prejudice to the exercise by the board of directors of its functions under subsection (1)(a) of section 55 of the Act, preparing and proposing to the board of directors for debate, scrutiny and approval, strategies for the strategic plan that the board of directors are required to prepare and approve under that subsection;
    • implementing the strategies agreed by the board of directors to the standards set out in the strategic plan or as otherwise required by the board of directors;
    • updating the board of directors on the financial position of the credit union, including submitting to the board of directors on a monthly basis unaudited financial statements that set out the financial position of the credit union;
    • appointing or causing to be appointed such and so many persons as employees or as voluntary assistants as the manager considers appropriate after consulting with the management team of the credit union;
    • preparing or causing to be prepared such financial reports and returns as may be required by the auditor of the credit union;
    • implementing the proper systems of internal control which the board of directors have approved;
    • ensure that all cash is deposited in accordance with the instructions of the board of directors;
    • such other matters as may be duly assigned to the manager by the board of directors.
  4. In appointing a person as manager of a credit union, its board of directors shall ensure that the person complies with all legal requirements (including requirements which the Bank may prescribe) to be appointed.

 

Rule 87. Money laundering reporting officer

The board of directors of the credit union shall appoint an experienced member of the board of directors or a senior member of staff as money laundering reporting officer to whom all reports of suspected money laundering offences will be directed, assessed and, where appropriate, passed to the Gardaí and the Revenue Commissioners, in accordance with the Criminal Justice Act, (Money Laundering and Terrorist Financing) Act 2010 (as amended).

 

Rule 88. Training liaison officer

The board of directors shall appoint a training liaison officer, the duties of whom shall include the carrying out of, or cause to be carried out, a training needs analysis for credit union personnel to help to co-ordinate training programmes.

 

Rule 89. Youth development officer

The board of directors shall appoint a youth development officer, the duties of whom shall include the development of a youth policy for the credit union having accumulated relevant information on the youth population within the common bond.

 

Rule 90. Risk Management Officer

In accordance with section 76C of the Act, the board of directors shall appoint a risk management officer who shall be responsible for identifying, assessing, reporting and monitoring all internal and external risks that could affect the credit union to which the risk management system relates, including risks to its employees, members, reputation and assets, and assisting the manager with managing and mitigating those risks.

 

Rule 91. Compliance Officer

In accordance with section 76D of the Act, the board of directors shall appoint a compliance officer who shall be responsible for managing compliance at all levels in the credit union including:

  • ensuring that the credit union complies with all statutory and regulatory requirements, and
  • monitoring such compliance to ensure that no conflict of interest arises.
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