Risk with graphs on chalkboard Risk management is top of mind for CUs. Source: Shutterstock

As credit unions continue their data maturity journey and strive to become more data-centric organizations, a key area of business that is often left un-transformed is risk management. Instead of using institution-specific data to augment risk management strategies, credit unions all too often rely solely on qualitative past experiences or industry trends. A credit union can develop more secure processes and do more to protect its systems from cyber threats by using data generated through its interactions with the outside world.

New database and relationship mapping technologies, which are readily applied in operational and strategic analysis, can be used to improve and optimize a credit union’s risk profile. Data-driven risk mitigation strategies can deliver dynamic and effective risk postures that increase the soundness of the credit union without introducing friction into member experiences. As lines of business that focus on remote interaction continue to become more business critical, data and analytics will play a critical role in the development of more advanced risk management strategies. This is necessary to protect the institution’s increasing number of access points. Data plays a part in five major arcs of the risk management story:

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?


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.