This week, CreditUnions.com takes a deep dive into vendor and risk management. What do credit unions need to know?
Here are five can’t-miss data points:
Risk managers monitor disparate areas of the credit union. For key ratios to follow, start with the measures that correspond to the risk indicators outlined by the NCUA.
Learn more in ‘7 Ways To Manage Risk.’
When ORNL Federal Credit Union promoted Lisa Thompson to vice president of ERM in 2016, one of her first tasks was to establish a formal ERM committee. Fifteen employees representing each of the organization’s business lines comprise the ERM committee.
Learn more in ‘3 Facts About The ERM Committee At ORNL.’
The NCUA offers questionnaires for internal compliance reviews, but at least one credit union felt the regulator wasn’t updating them fast enough. That was in 2011. Today, Service Credit Union has created 22 in-house compliance reviews it evaluates on a rolling, 18-month basis to track how well Service is meeting compliance standards.
Learn more in ‘How 22 Checklists Help Service Credit Union Stay Compliant.’
Two years ago, Interra Credit Union took major steps to evolve its homegrown approach to and reporting of enterprise risk management. It created a new assistant vice president position to head its ERM efforts, enlisted an outside consultant to conduct a risk assessment, and overhauled its reporting strategy. Those moves have contributed to an organization with staff that speaks the same language, buy in from the top down, and reporting that measures risks in all areas against the same standards.
Learn more in ‘A Forward-Looking Approach To ERM.’
The bar for vendor management has risen considerably as regulators have become increasingly attentive to the relationships credit unions have with providers of everything from sweeping the floors to sweeping through cyberspace.
Read nine tips to manage vendors in ‘How To Succeed At Vendor Management.’