March 06, 2014

Webcast: ERM adds value to CUs

March 7, 2014 – Credit unions that tuned into NAFCU's webcast yesterday were taught the basic components of enterprise risk management and how they can build and operate their own program to achieve their organizations' mission.

Webcast speaker Anthony Ferris, managing partner of The Rochdale Group, talked about how ERM programs add value to a credit union by helping leadership take a proactive approach in identifying and addressing risks and opportunities. "Risk-return goes hand in hand. The more risk we take, the more return we get," said Ferris.

He also spoke about how credit unions are significantly behind in implementing these efficient ERM programs, but "we are catching up rapidly."

Since ERM differs from normal risk management, an overview of what ERM is not – an audit tool, a simple compliance tool, or checklist tool – was also discussed.

The webcast, "Enterprise Risk Management (ERM) – Practical Ways to Implement at Your Credit Union"was moderated by NAFCU Regulatory Compliance Counsel Brandy Bruyere. It will remain for one year past the broadcast date.