Download the White Paper "A Practical Guide to Effective Credit Union Enterprise Risk Management"
Your credit union takes a risk every time you open the door, make a loan, accept a deposit, process a payment, and hire or fire an employee. High performing credit unions are those that have embraced and learned to effectively manage risk.
Risk is the integral part of a credit union's business that drives earnings. To help your credit union thrive, your board, management, and risk managers must focus on five elements of enterprise risk management:
- Understand and define the credit union's risk appetite, considering the future implications of current strategic business decisions
- Translate the risk appetite into risk policy guidelines
- Implement information systems to monitor the changing risk environment and the credit union's performance
- Develop methods and systems for monitoring and reporting on risk
- Establish an effective risk governance, compliance, and management structure