Vital Insight provides expert consulting services to help to streamline Enterprise Risk Management, compliance, and corporate governance programs, and to establish and maintain your on-going requirements. Our team works to educate your company, giving you the information you need to achieve your governance, risk, and compliance goals. Whether you are looking for assistance with identifying and interpreting appropriate methodologies or with identifying and cataloging process, risk, and control data, our team is here to help you meet your end goals and exceed your expectations.
Capable and affordable consultants are hard to come by, particularly if your company is an organization in need of risk management and compliance resources. In addition to our internal team, Vital Insight has developed a network of consulting partners who meet strict standards and are well-trained in implementing Enterprise Risk Management, compliance, and corporate governance programs. They are particularly suited for small to mid-size organizations that don’t have access to Big Four accounting firms. Our partners will deliver Big Four-quality advice and hands-on implementation skills at a fraction of the cost.
Credit Union Services
Effective Risk Management and Compliance are more important to the credit union industry today than ever before. Increased regulatory attention, greater reliance on technology, reduced margins and increasing competition are just a few of the larger concerns facing credit union executives and boards. In order to effectively combat these concerns, credit unions need to enhance their knowledge and understanding, and improve the precision on which strategic and operational decisions are made. Implementing sound Risk Management processes is quickly becoming an imperative for the long-term success of credit unions.
The recent economic disaster leading to the failing and/or takeover of numerous credit unions and the Credit Union Share Insurance Stabilization Act highlighted a lack of strategy, accountability and forward-thinking throughout many credit unions. It is now clear that the responsibility for Risk Management is shared throughout credit unions – from the President/CEO down to every person in the organization.
Effective Risk Management and Compliance can help credit unions achieve strategic and operational objectives allowing them to:
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Align strategic objectives with enterprise-wide risks to understand and prepare for risk exposure
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Improve decision making by instilling a risk mindset throughout the organization
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Lower regulatory and reputation risks by understanding and proactively addressing potential issues
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Reduce redundancy and improve operational efficiency
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Minimize the impact of risk events by improving control and risk monitoring
Vital Insight offers tailored consulting services to assist credit unions with developing, implementing, and maintaining effective Enterprise Risk Management (ERM) and Compliance programs. Our consultants have extensive experience performing a variety of ERM related services. Whether you are just evaluating the goals and objectives of your ERM program or you have been working to implement the initiative for several years, our consultants are ready to help. Vital Insight’s credit union service offerings are organized in two primary categories, including:
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Assessments & Internal Controls Reviews
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ERM Training, Education, and Mentoring
Assessments & Internal Controls Reviews
Enterprise-Wide Risk Assessment – Enterprise-Wide Risk Assessments (EWRA) are a critical first step in the ERM process. Our consultants will help you determine and prioritize a set of key risk indicators and perform an analysis to evaluate the associated risk level within each of the organizations processes. Execution of the EWRA allows credit unions to gain insight into the overall risk profile of their organization and helps ensure that audit and risk management activities are focused on business areas and process that present the highest risk. Our consultants have extensive experience providing these assessments and can help establish an efficient, effective, and repeatable risk assessment process.
Process Risk Assessments (Deep Dives) - Detailed Process Risk Assessments provide an in-depth analysis of risks and controls present in a specific part of the organization. Using proven risk management methodologies, our consultants evaluate business processes and identify the points of potential risk. We then work with management to implement the appropriate risk responses and identify any remaining control problems or insufficiently managed risks.
IT Risk Assessment and General Controls Review - Information Technology is an especially difficult area for most credit unions to manage. Changing product lines, regulatory scrutiny, security and privacy concerns, and a constantly evolving technology infrastructure create a variety of risk management and control challenges. Vital Insight’s Professional Services Team has performed numerous IT Risk Assessments and General Controls reviews at financial institutions and credit unions across the country. We also provide our customers assistance with conducting efficient and cost effective IT Risk Management projects.
ERM Fitness Check - Fitness Check is designed for credit unions that have already made significant progress in their ERM initiative and are seeking an outside assessment of the program. The program includes an evaluation of the ERM Program and provides specific and actionable recommendations for enhancing it.
Training, Education, & Mentoring
ERM Training and Education - Vital Insight established VI Academy to offer a variety of training programs to credit union executives, board members, supervisory committee members, and risk management professionals. VI Academy participants are provided with the skills and knowledge required to be successful in their ERM efforts. Vital Insight uses a mix of customized on-site training sessions, on-line learning, and educational seminars to ensure that the right training is available to meet our customers’ needs. Current available courses include ERM Fundamentals (for ERM Professionals, Executives, or Supervisory Committees), ERM Immersions, and ERM Program Management.
ERM Foundations - Often, the beginning of an ERM program can present the greatest challenge. ERM Foundations provides essential analyses and planning tools needed to serve as the basis for a long standing and effective ERM program. During ERM Foundations, Vital Insight professionals provide credit unions with the skills, training, and tools they need to effectively manage their ERM programs.
ERM Program Mentoring - (Governance Insight license required) - After the implementation of the Governance Insight software application and the initial risk assessments, our team can provide on-going training, consultation and quality assurance for the organization’s ERM program. This service helps the credit union to ensure that the foundation created by other service offerings is maintained and provides the greatest value possible.
All of our services can be tailored, or combined, to meet the specific needs of any credit union. Customers choosing to implement the Governance Insight application can purchase any of our ERM service offerings at a reduced cost. Inquiries about combining or tailoring Vital Insight services should be directed to our Professional Services team by emailing
services@vitalinsight.com or calling (888) 618-4825. For more information on Vital Insight’s service offerings, please see the reverse side of this document.
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