A review published today by the Central Bank has found what it describes as "weaknesses" in risk management procedures by some credit unions.

The review found "significant progress" by some credit unions since legislation was introduced in 2013 to introduce a system of risk management.

But the Central Bank also said its review found "a number of key risk management weaknesses".

These include a view in some credit unions that risk management frameworks are only an exercise "to ensure compliance with legislative requirements".

It also found shortcomings in risk reporting, training and culture.

The Central Bank also said it also found "little evidence of robust discussion taking place at Board meetings on risk-related issues".'

Risk related work happened in "silos", the review also reveals.

The Central Bank has recommended that credit unions improve their risk management processes and the quality of their reporting so that Boards understand the risks they face.

In a statement, the Registrar of Credit Unions Patrick Casey said "the recurring nature of governance and risk management issues in credit unions during our supervisory engagements remains a key concern."