The Risk Management Agency (RMA) is a trade name for the Brunswick Credit Union Federation Stabilization Board Limited. RMA began as a deposit insurance fund established by New Brunswick Credit Unions in 1965. It continued in that manner until 1978 when legislation was amended and the Brunswick Credit Union Federation Stabilization Board Limited came into being as a Stabilization Fund. The main purpose, at that time, was to financially assist Credit Unions that were deemed to be viable financial services institutions but had suffered a financial loss. In 1994, legislation underwent a further updating which gave the RMA increased Regulatory Powers as the Credit Union system in New Brunswick was becoming self regulatory.
The mandate of Risk Management Agency is as the primary information oversight that the Provincial Government, under the auspices of the Financial and Consumer Services Commission (FCNB), utilizes in its risk assessment of New Brunswick Credit Unions. This risk assessment, will ensure New Brunswick Credit Unions are operating in a sound and fiscally responsible manner thereby ensuring the safety of depositors.
Working together with New Brunswick Credit Unions, Atlantic Central, and the Financial and Consumer Services Commission, Risk Management Agency provides oversight through the development and implementation of sound business practices and policies as well as through a periodic comprehensive audit process. As a result, New Brunswick Credit Union owners enjoy deposit protection that is considered more comprehensive than that of any major financial institution.
RMA is proud to employ and staff Certified Fraud Examiners (CFEs) ACFE.com