While enterprise risk management (ERM) may be a daunting undertaking, Tony Ferris believes an ERM framework can be applied within virtually every credit union.
In its most basic form, ERM is simply a prioritization tool that allows credit unions to identify where to dedicate their time and money, Ferris says in this episode of the CUNA News Podcast.
“It allows you to level set as an organization, align your priorities, and work through opportunities that exist,” says Ferris, founder/CEO at Rochdale, which specializes in ERM, strategic planning, governance, lending support, and consulting for financial institutions.
The framework Ferris describes allows an organization to gain a better understanding of itself. As he says in this episode, each area of the organization exchanges information across functions, providing a comprehensive view of both the credit union’s risk profile and opportunities within its operating environment.
Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
