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

Even for those credit unions with a formal risk management framework in place, so-called “risky” decisions can still be difficult for leaders to make. That’s because sudden, unforeseen circumstances pop up, requiring on-the-fly calls that were not accounted for within the plan.

In a pre-pandemic world, those unexpected moments were rare enough that the average credit union managed just fine with a basic risk management framework. Some credit unions got along with even less, relying on a patchwork of intermittent conversations and board votes to set the credit union’s overall risk appetite.

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