Risk management is top of mind for CUs.

Credit unions striving to manage their compliance risk are well-served to consider its importance within the overall enterprise risk management (ERM) process of their entire organization. Those that view compliance management as one of their most important obligations will positively affect their business strategy, and those that don’t are putting their business at risk. Line-of-business leaders who understand the role that compliance management plays in strategy and how compliance risk affects it will be well-positioned to help their credit unions grow and prosper.

To better understand the importance of compliance to a credit union, it helps to put the compliance role in context. In the development of a business strategy, credit union senior leadership conducts strategic planning to determine the best approach to grow the business. As part of the planning, strategic objectives should take risk management into account. These decisions cannot be made without an effective ERM framework. ERM is a process developed by an entity’s board of directors, management and other personnel that is applied strategically to identify potential events that might affect the entity and help it manage risk within its risk appetite. ERM provides reasonable assurance regarding the achievement of the entity’s objectives, including an organization’s compliance risk.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.