While no one can predict the future, boards and credit union management teams can take steps to identify and manage risks that will give the credit union better odds at being successful in an uncertain future.
“Risk is critical to challenging and being able to adapt to a future that’s uncertain,” says Tony Ferris, CEO of Rochdale Paragon Group. “The necessity of managing business risk, however, has given rise to skepticism on whether or not our organizations are sufficiently prepared to manage within these fluid environments. Is the risk function capable of being able to lay out the uncertainties and help decision makers define where we go?”
Ferris discussed the board and supervisory committee’s roles in a risk management program during the CUNA Governance, Risk Management & Compliance Leadership Virtual Conference.
Ferris cites six keys to an effective risk management program:
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