CUNA Mutual Debuts Risk Dashboard
CUNA Mutual Group said it has introduced an online tool that provides risk insights unique to a particular credit union.
The Risk Insight Dashboard targets a credit union’s risk awareness in several key areas to help guide risk prevention decisions by management and boards, according to CUNA Mutual.
Credit unions complete an initial online assessment by answering a series of yes and no questions or multiple choice questions to establish their benchmark.
Responses feed a customized dashboard for each credit union to provide executive insight into five key risk areas, which include internal controls (cash handling and general ledger), lending oversight, employment practice, data/network security and member authentication, CUNA Mutual said.
The dashboard provides credit unions a custom risk rating of low, moderate, or high in each area with a numerical scale of 0-100 based on the cooperative’s completed assessment, CUNA Mutual said. The tool also shows how the credit union compares to peers.
Users can reassess their risks any time, however, credit unions can update their dashboard at least annually, or when they make a significant change to their policies and procedures in one of the key risk areas.
CUNA Mutual said it will regularly update data that defines the credit union’s risk score such as from NCUA 5300 Call Reports.