The Risk and Audit Department of the Gambia Teachers' Union Cooperative Credit Union (GTUCCU) plays a critical role in ensuring the financial stability, regulatory compliance, and operational efficiency of the organization. The department is dedicated to safeguarding the credit union's assets, enhancing governance, and supporting strategic objectives through a comprehensive risk management framework and robust audit practices. By identifying, assessing, and mitigating risks, the department ensures that GTUCCU operates within the bounds of regulatory requirements and industry best practices.
The mandate of the Risk and Audit Department is to provide independent and objective assurance, advisory services, and risk management oversight to GTUCCU. The department is tasked with evaluating and improving the effectiveness of risk management, internal controls, and governance processes. It is responsible for ensuring that the credit union’s operations are conducted in a manner that aligns with its mission and values while minimizing potential risks that could adversely impact its financial performance, reputation, or compliance with laws and regulations..
Read More- Identifying potential risks that could impact the credit union’s operations, including credit, market, operational, liquidity, compliance, and reputational risks.
- Developing and implementing strategies to manage and mitigate identified risks, including the formulation of risk policies and procedures.
- Continuously monitoring the risk environment and reporting on the effectiveness of risk management strategies to senior management and the board of directors.
- Developing a risk-based audit plan to ensure that all significant areas of the credit union’s operations are periodically reviewed. Conducting audits in accordance with professional standards to evaluate the adequacy and effectiveness of internal controls.
- Ensuring that the credit union adheres to relevant laws, regulations, and internal policies by conducting regular compliance audits.
- Reviewing financial statements and records to ensure accuracy, completeness, and compliance with accounting standards and principles.
- Evaluating the credit union's internal control environment to ensure that it is robust, reliable, and capable of preventing fraud, errors, and inefficiencies.
- Regularly testing internal controls to ensure they are functioning as intended and recommending improvements where necessary.
- Implementing and overseeing procedures to prevent, detect, and investigate fraud within the credit union.
- Advising senior management and the board on the development, implementation, and review of policies and procedures to enhance governance and risk management practices.
- Providing insights and recommendations on risk management and internal control issues that support the strategic goals of the credit union.
- Conducting training and awareness programs for staff and management on risk management, internal controls, and audit procedures.
- Preparing and presenting audit reports that detail findings, risks, and recommendations to senior management and the board of directors.
- Providing regular risk assessment reports to the Risk Management Committee and the board, highlighting key risks and the effectiveness of mitigation strategies.
25 Years Of Experience In Financial Support
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