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Risk, by definition, implies uncertainty. In today’s ever-changing regulatory environment, credit unions must develop and implement an effective enterprise-wide compliance risk management program to mitigate and manage their compliance risk. To be clear, risk management is not the elimination of risk, but rather the responsible balancing of risk versus reward. In order to effectively manage compliance risk, credit unions must conduct compliance risk assessments on their products, services, operations and the regulatory impact on such. You cannot mitigate risk if you do not know it exists.

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