REPORT OF THE BOARD AUDIT & RISK COMMITTEE
Board Risk & Audit Committee Update 2025
Altura's Board Audit and Risk Committee remains dedicated to overseeing the audit, risk, and compliance functions of the credit union. Over the past year, the Committee continued to assess the work of both our external and internal auditors, with responsibilities discharged through regular meetings and comprehensive reports from the Head of Risk and Compliance and Internal Audit. Throughout the year, the Committee met independently from the Board of Directors on a quarterly basis, joined by our Internal Audit providers, Moore Ireland. They presented updates on the progress of the Internal Audit plan and discussed macroeconomic indicators shaping the credit union's risk environment. We extend our sincere gratitude to both our internal and external auditors for their ongoing support to Altura Credit Union. During the financial year, the Committee confirmed that key risks facing the Credit Union have been appropriately managed, with effective mitigants in place and timely actions taken as needed. Reports covering risk, compliance, internal audit, and anti-money laundering continued to be presented by the Head of Risk and Compliance to the Board of Directors on a monthly basis. As outlined at last year's meeting, capital reserve management remained a central focus over the past 12 months, ensuring Altura Credit Union's resilience. Last year we asked you to vote on a proposed Transfer of Engagements from Baltinglass Credit Union, which is now complete, marking a significant milestone in strengthening our sustainability and capacity to deliver a wide range of quality products and services for our members throughout the widened common bond. As we look ahead to 2026, our focus will shift to preparing for significant changes in the regulatory landscape. The forthcoming Digital Operational Resilience Act and the expansion of the updated Consumer Protection Code-now set to apply to core credit union services-will require careful planning and adaptation. The Board Audit & Risk Committee will continue to monitor, assess, advise, and challenge on all relevant risk events, capital risk, and regulatory developments, overseeing prudent strategic adjustments to ensure Altura's ongoing sustainability and performance. On behalf of the Committee, I would like to thank our Members for their continued support and extend our best wishes to you and your families for a prosperous and happy New Year
I formally propose this report on behalf of the Board of Directors.
Mandy Cousins, Head of Risk & Compliance
Committee Members:
Chairperson: Thomas Fitzpatrick Secretary: Róisín Mulligan Michael Farrell Thomas Finn Patrick McDonough
Mandy Cousins Barry Monaghan Valerie Lawrence Pat Kavanagh Tom Brennan
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