Credit Unions Adopting Corporate Governance and Risk Management Programs
Credit unions face increasing scrutiny from their regulators, auditors, boards and members,. The National Credit Union Association now requires that a formal Enterprise Risk Assessment be performed at least once annually and the Federal Financial Institutions Examination Council requires organizations with more than $1 billion in assets to provide documentation similar to that required for publicly held banks. New requirements imposed by the American Institute of Certified Public Accountants also require that a formal annual risk assessment be performed.
Like all financial institutions, credit unions are heavily dependent on Information Technology. As a result, Information Security, Privacy Management, and Business Continuity Planning continue to pose new challenges for credit unions, especially those with limited resources to dedicate to risk management programs.
Today, a growing number of credit unions are relying on Vital Insight to help manage the risks and controls that affect the entire organization, and to develop a truly integrated and cost-effective Enterprise Risk Management (ERM) program. Our Governance Insight™ solution set helps credit unions to centralize, simplify, and automate risk and compliance programs.
Providing a single, centralized repository for critical information, credit unions can easily automate processes, manage workflow, monitor controls, and enforce policies. By implementing Governance Insight, credit unions can lower the cost of compliance, reduce the risk of significant losses, meet regulatory requirements, and build a scalable and effective foundation for ERM.
By using Governance Insight, Credit Unions can:
- Significantly lower costs by automating and streamlining ERM processes
- Reduce risk by implementing early warning signs that detect and help correct performance problems
- Leverage best practices built into the platform including workflows, templates, and analytics
- Share meaningful on-demand reports with executives and project managers
- Integrate internal audit, compliance, self assessments, and other strategic initiatives
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