Enterprise Risk Management — Where to Start

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enterprise risk management

Once a credit union has decided that an enterprise risk management (ERM) process is necessary, where should they start? Like all processes, it should be important to note that change is not immediate and neither are results. ERM is not only a shift in how an organization identifies and approaches risk, but also a shift in how every level of the organization perceives risk. Before implementation, credit unions need to establish realistic expectations for ERM.

Where to start

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Smaller credit unions may not face the same amount of risks as larger institutions, so there may not be a dedicated risk management team or department in place. Smaller institutions have to delicately balance staff resources and cost, with most of their efforts going towards making sure they are meeting minimum regulatory compliance requirements related to risk. As such, they may not have the luxury of taking a step back and evaluation risk across their organization at a holistic level.  

Fortunately, with the assistance of modern, automated technology, smaller credit unions may be able to use tools to shore up their risk blind spots. Enterprise risk management software may be an affordable, convenient way for budget-tight credit unions to upgrade their risk management processes.

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