Corporate Governance and Risk Management Programs for Credit Unions
Over the last few years, credit unions have seen increasing emphasis on risk management and compliance programs within their institutions. This emphasis has come in the form of increased scrutiny from regulators, auditors, boards, and members. The push for strong internal controls and risk management capabilities has presented credit unions with a daunting task.
Many compliance and risk management requirements already exist, and many more are likely to come into effect in the near future given the recent turmoil in the financial markets. Some of the key challenges that are facing credit unions today are:
- NCUA Risk Assessment Requirements
- Bank Secrecy Act (BSA)
- FFIEC Guidance
- FFIEC Documentation Requirements
- Statement of Audting Standards (SAS) 104-112 Requirements
- Internal Audit Requirements
A well designed and managed Enterprise Risk Management (ERM) program can help manage these requirements with a minimum of cost, effort, and disruption to the business. ERM programs provide the most effective and efficient way to integrate compliance efforts for the increasing number of requirements placed upon Credit Unions and to manage risk throughout the enterprise.
Today, a growing number of credit unions are relying on Vital Insight to help implement and manage a truly integrated and cost-effective Enterprise Risk Management (ERM) program. Our Governance Insight software solution helps credit unions to centralize, simplify, and automate risk and compliance information, activities, and reports. Our expert training services provide the skills and knowledge required to be successful in an ERM program.
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
Vital Insight works with some of the nations largest and most respected credit unions as well as smaller organizations. Our solutions are designed to help credit unions of all sizes with their ERM programs.
Corporate Credit Unions Corporate credit unions face unique challenges and risk management requirements. As many of these organizations struggle to serve the needs of their member credit unions, regulatory scrutiny is increasing and many of the investment options available are fraught with risk and uncertainty. Vital Insight works with the nations leading Corporate Credit Unions to meet these challenges in their organizations and to help their member credit unions build these competencies as well.
Large Natural Person Credit Unions Large, complex, and highly scrutinized by regulators, credit unions with greater than $1 Billion in total assets face a series of risk management and compliance challenges. Large memberships, rapidly changing technology and products, constantly increasing personnel and training costs, and escalating audit costs are forcing these organizations to implement an effective Enterprise Risk Management program. Vital Insight works with many of the nations larger credit unions, and has proven that these challenges can be met without the costs and uncertainly usually associated with these initiatives.
Mid-Size Natural Person Credit Unions Mid-size credit unions face many of the same requirements that large credit unions must manage, but lack the financial resources available to larger organizations. Vital Insight helps these credit unions by providing tailored training services and software solutions that help to justify, educate, implement, and institutionalize a cost-effective Enterprise Risk Management Program.
Small Natural Person Credit Unions - According to the NCUA, the average size of a break even credit union has increased from $11.6 Million to $49.8 Million since 2002, with a primary reason cited being the increase in compliance costs. In addition to lacking financial resources, smaller credit unions often lack the domain expertise to implement an effective risk management and compliance program. Vital Insight offers cost effective software and training solutions that are specifically designed to meet the needs and budgets of smaller credit unions.
Credit Unions Downloads
