The Quickest Way to Understand Enterprise Risk Management (ERM)

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enterprise risk management

Enterprise risk management (ERM) programs are the process through which credit unions assess their risk appetites, identify present and future risks, proactively work to address those risks, and protect and create value for the credit union and its members. An ERM process may help credit unions more effectively prioritize between the different types of risks they may encounter and set up early warning systems and proactive response measures, as well as investigate risks that may otherwise be unnoticed.

Benefits of an effective ERM program:

value gained ERM

The types of risk

All products and services offered by a credit union carry a risk.

There are seven types of risk categories defined by the NCUA. At the very minimum, an ERM program must cover all of these.

Institution risks:

Market risks:

The primary goal of ERM is to provide a clear process for identifying and managing risks so that organizations may better pursue their business goals. With even just a basic understanding of the importance and role of ERM, credit union leaders can begin to evaluate their current ERM approach and address any levels of risk previously left unchecked.

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