Opportunities NB Improving Business Lending Process
FREDERICTON – After receiving recommendations for the auditor general, Opportunities NB is making improvements to how they provide financial assistance to companies doing business in New Brunswick.
Of the 19 recommendations made by the auditor general last March, five have been implemented. With eleven more in progress, two have been referred to other agencies and one is under review. Opportunities NB expects to have all recommendations directly affecting credit-granting procedures to be implemented by the end of its first fiscal year, March 31, 2016.
“We accept and appreciate the auditor general’s recommendations and are working hard to implement them, improving our processes and moving to best industry practices going forward,” said Opportunities NB CEO Stephen Lund. “We understand the seriousness of these recommendations and are fully committed to going above and beyond to meet and exceed the best practice standard.”
Since the auditor general’s report, Opportunities NB created a steering committee to oversee and prioritize the implementation process. The committee includes a representative from Deloitte, the chair of the audit committee of the board, the chief financial officer and professional staff.
Lund says they will continue to provide regular updates on the implementation of the recommendations.