CU Directors Newsletter report

Adopt the Proper Risk Management Approach

NCUA instructs CUs to employ a comprehensive program, which might include ERM.
Consider the benefits of ERM, which assesses both potential payoffs and risks.
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Arrest Employee Embezzlement

Document and enforce a zero-tolerance fraud policy.
Most incidents stem from inadequate internal controls, inaccurate audits, lack of oversight, or abuse of authority.
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No CU Is Immune From Employee Dishonesty

Effective risk oversight requires you to focus on all risks a CU faces, including embezzlement.
Many boards aren’t prepared for the financial and reputational impact of embezzlement. Whether your CU is large or small, employee dishonesty doesn't discriminate.
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Risk Oversight Is Top Board Priority

Managing risk requires your board to consistently discuss ‘what if’ scenarios.
CU boards are under increasing pressure to practice effective risk oversight, says CUNA Mutual Group's Joette Colletts.
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