ORLANDO, Fla. — NCUA Vice Chairman Rodney E. Hood applauded credit unions and accountants for their progress in enterprise risk management during the American Institute of Certified Public Accountants National Credit Union Conference in Orlando, Fla.

"I was pleased to learn that the AICPA initiated change in the area of enterprise risk management through their involvement with COSO, a private sector organization devoted to improving the quality of financial reporting," he said. "While many organizations were engaging in some aspects of enterprise risk management, there had never been a common base of knowledge and principles to enable boards and senior management to evaluate their approach."

Hood praised the accountants for their role in strengthening the credit union system. "The accounting profession is one that constantly strives to learn more, to do better, and to keep up with change," he said. "I commend them for the tremendous role that they play in providing understandable, reliable and transparent information which helps our credit union managers and leaders run safe and sound institutions."