Fundamentally, credit unions are in the business of managing risk.
Asset liability management, vendor management, business continuity planning, auditing, strategic planning and project management are all good examples. In many credit unions, these risks tend to be managed separately, in what is often referred to as a silo approach.
An effective Enterprise Risk Management (ERM) program does not replace these current risk management practices, but it can serve to form a common sharing of risk–related details across departments, resulting in an all-inclusive view of risk across the credit union.
Enterprise Risk Management is a collective process to identify, manage and monitor business risks and opportunities, both internal and external, to ensure attainment of the credit union’s strategic targets and continued financial stability and viability.
It is more than just understanding weaknesses. Rather, it facilitates recognition of potential events that, if they were to occur, could result in negative or damaging repercussions for the credit union. It is also designed to make certain that risk is managed within the credit union’s appetite or tolerance level.
The goal of ERM is not to eradicate risk. Instead, an effective ERM process will create an environment where risk is embraced and allows the board and management to make holistic, “risk–intelligent,” strategic decisions. ERM, therefore, is a strategic tool rather than just a compliance tool.
The CUNA Credit Union Enterprise Risk Management Expert (CUERME) designation showcases one’s expertise in credit union risk management.
Top reasons to earn a CUERME designation include:
CUERME designation can be earned at CUNA Enterprise Risk Management Certification School, Dec. 5-7 in Las Vegas.
Among the scheduled 22 sessions are:
To become the risk strategy expert at your credit union by earning CUERME designation, register for and attend CUNA Enterprise Risk Management Certification School, then take the CUERME certification exam at the school. More than 400 credit union professionals have earned CUERME designations.