Skills Opportunities Highlighted in Credit Unions’ Report
15th September 2024
A newly published report by the Credit Union Managers‘ Association (CUMA) at its Autumn Conference at the Galway Bay Hotel, Salthill, reveals that ESG reporting is the biggest knowledge and skills gap for senior management teams of Credit Unions in Ireland.
Compiled by KMPG, the jointly-commissioned CUMA and International Sustainable Finance Centre of Excellence (ISFCoE) report is a snapshot of the skills and knowledge about Environmental, Social and Governance (ESG) in the Credit Union sector in Ireland.
The report includes the findings from a survey of senior management teams of Credit Unions across the country and outlines the skills development opportunities for the sector to ensure best practice, alignment with global sustainability goals, and readiness to meet the increasing demand for responsible financial services.
As membership organisations, CUMA and ISFCoE have a shared goal to equip and develop their members to take advantage of the emerging opportunities and fulfil their ESG obligations, ultimately enhancing the Credit Union’s reputation, contributing to long-term financial sustainability, and supporting the achievement of a decarbonised economy.=
Appetite for upskilling
Owing to decreased competition in the Irish banking market, Credit Unions have become a critical source of credit in their communities and senior management across the board is increasingly aware of the need for upskilling to support the ESG agenda.
The survey also found strong support for:
•ESG collaboration/knowledge sharing
•An ESG skill needs assessment tool
•Targeted training courses that equip staff with practical skills, e.g., on ESG reporting
•A central hub where course information and ESG updates can be accessed.
The report also features practical recommendations to address the knowledge and skills gaps.
These include a suite of practical and on-the-job online learning programmes, peer-to-peer learning, a thought-leadership series of ‘best in class’ examples, and a cross-sector ESG network to facilitate knowledge sharing.
Neale Richmond TD, Minister of State for Financial Services, Credit Unions and Insurance said:
“Credit Unions across Ireland work consistently to serve their members and their communities. As such, it is no surprise that there is a strong interest in ESG and in upskilling.
It is great to see CUMA and ISFCoE highlight the ESG and sustainable finance training opportunities that are available for Credit Union management across the country and I would urge all managers to avail of this training.
“By upskilling in ESG, and by putting this knowledge into practice in Credit Unions, the sector will not only be working to meet the increasing demand for responsible and sustainable financial services, but also contributing to this Government’s goal to see Ireland become a sustainable finance hub.”
Lisa Stapleton, CEO of CUMA said: “Credit Unions are already aligned with the sustainable development goals of the UN and with the wider ESG agenda. The value of this report is that it shows that Credit Union management is aware of their need to prioritise skills and knowledge development to meet the demands of the evolving sustainable finance landscape.
Identifying these knowledge and skills gaps empowers the sector to prioritise upskilling and knowledge sharing, and to ensure it is aligned with global best practice.
“Also, while there is a strong appetite for upskilling less than half of those have participated in a course; pointing to some confusion about the best courses to pursue. This is one of the key areas, highlighted in the recommendations, that will be partly addressed as early as later this year with the delivery, in partnership with Sustainable Finance Skillnet of a one-day training event for Irish Credit Unions during Sustainable Finance Week (27th November 2024).”
Gillian Power, CEO of ISFCoE said: “This report represents a significant milestone in our collective efforts to advance sustainable finance in Ireland. Through its comprehensive sector-wide survey, stakeholder interviews, and extensive secondary research, this study offers a timely snapshot of the current sentiment within the Credit Union sector regarding ESG-related skills and knowledge gaps, emerging focus areas, and the future trajectory of the sector.
Crucially it highlights both the appetite for and the urgent need to equip the Credit Union workforce with the necessary skills to thrive in the rapidly evolving ESG landscape.
We, at ISFCoE, are excited for the opportunities this report holds for the Credit Union and sustainable finance in Ireland.”
Pictured: (L to R) Gillian Power, CEO of ISFCoE; Lisa Stapleton, CEO of CUMA; and report author Gerard Duffy, KPMG.
