This has been driven by a number of factors including the introduction of detailed governance requirements, the implementation of the Fitness and Probity regime, the impact of restructuring and resolution and the response of credit unions to our supervisory and enforcement engagements and actions.
Individual credit unions need to build on this progress, continuing to focus on promoting and embedding an effective culture within their credit union – a culture that continues to be focused on members’ needs, but also is effective in embracing change, and successfully managing risk.