Our tailored and proportionate regulatory framework and supervisory approach recognises the nature and scale of credit unions and also continues to evolve as can be seen from the recent changes to their investment framework which enable increases in longer term lending, including home mortgage and business lending.
The board of directors is responsible for overseeing the management of the bank’s compliance risk. To this end, the board or a committee of the board should at least once a year assess the extent to which the bank is managing its compliance risk effectively 7 .