Practical Implications of the MCC requirements

Introduction

We were delighted to host an event on Thursday April 18th on ‘The Practical Implications of the MCC requirements for Credit Unions’ with Ide McCormack, Internal Audit Manager with the Internal Audit Services of the Irish League of Credit Unions.

Some great insights were shared to give all Credit Union professionals (board members, management, operational staff) a thorough understanding of the updated Minimum Competency Code (MCC) and the specific practical implications for your Credit Union. 

Event Highlights:

• In-Depth Analysis of MCC 2023: Understand the objectives, key changes, and expanded scope of the MCC requirements effective from 1st October 2024, and their relevance to credit union lending and term deposits.
• Governance and Operational Adjustments: Explore the implications of the MCC for credit union boards and the operationalisation of lending processes, including the transition of certain roles and the integration of MCC standards into governance frameworks.
• Product Design Considerations: Gain insights into how the MCC affects the design and approval of in-scope products, emphasising the necessity of aligning product development with MCC compliance and strategic objectives.
• Member Services and Complaints Handling: Learn about the adjustments required in handling member complaints and services in compliance with the MCC, ensuring a member-centric approach that adheres to new standards.
• Gap Analysis and Compliance Strategy: Dive into the methodology for conducting a gap analysis to assess and address the MCC compliance needs, covering staffing, training, qualifications, and policy updates.
• Q&A Session: Questions answered during the Q&A part of the webinar, providing clarity and guidance on implementing the MCC 2023 updates within credit unions.

 Event Recording & Presentation Slides