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In Pursuit of Life, Liberty—And Balance

When it comes to managing risk, we’re often our own worst enemy.

February 01, 2014
KEYWORDS risk
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Risk is definitely a part of life. For example, what about that driver who just cut you off on the way to work? Was he actually shaving behind the wheel or just texting?

And then there’s Mother Nature. When I lived in Southern California, I lived with her threat of earthquakes. Now that I’m in the Midwest, I’m mindful of frostbite as so many of us today are emerging from another deep-freeze and record snowfalls.

Target’s data compromise last year sent us scurrying to scrutinize our payment card statements and checking accounts. And recent reports claim “black hats” infested Yahoo. com with their malware. Will our personal data ever truly be secure?

While we like to consider ourselves knowledgeable and alert when it comes to managing risk, the truth is, we’re oft en our own worst enemy.

We can’t lock ourselves down to the point where we become unproductive, but we can’t be naïve either, thinking we don’t need security because we’re immune from all risk.

As you’ll read in Craig Sauer’s feature, it’s no different at your credit union. Balancing productivity and the need for security is a constant struggle.

To mitigate the risk of a data compromise, staff and members must implement an array of security protocol—despite the irritations of managing multiple passwords and other security practices.

Our cover story shows how security will be a dominant driver for your future technology decisions. Judy Dahl talks to Robert Reh, chief information officer of Nassau Financial Federal Credit Union in Westbury, N.Y., for his take on how credit unions should prepare for these trends.

And finally, CUNA senior economist Steve Rick gives us a fresh perspective on the state of credit union mortgage lending and the impact of overhauling Fannie Mae and Freddie Mac. You’ll also find CUNA’s 10 principles for the reform of government-sponsored enterprises.

All this and more are in this month’s issue of Credit Union Magazine.

Thanks for reading!

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Credit Union Magazine

Credit Union Magazine

October 2014

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