LEDYARD, Conn.–Credit union executives and volunteers attending the Members United Corporate Federal Credit Union Economic Forum were broken in with a little pre-conference session on the 'small' matter of enterprise risk management.

Members United Chief Risk Officer Larry Harmon led participants through the background and objectives of enterprise risk management to cut their teeth. Risk is inherent in the nature of credit union business, he said. However, Harmon emphasized, "Risk encompasses both opportunities, because if we manage risk properly you take opportunities and you look at threats." Risk assessment is job No. 1.

ERM is a very good thing and one that could have helped prevent some of the current market conditions. "ERM is the best way to provide transparency to the risk we have to take," Advisory Services Executive Director James A. Toliver said. "To who? To our members. To our boards. To our ALCOs."

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