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» Joette Colletts
CU Directors Newsletter report
Adopt the Proper Risk Management Approach
NCUA instructs CUs to employ a comprehensive program, which might include ERM.
January 10, 2014
Consider the benefits of ERM, which assesses both potential payoffs and risks.
Arrest Employee Embezzlement
Document and enforce a zero-tolerance fraud policy.
April 8, 2013
Most incidents stem from inadequate internal controls, inaccurate audits, lack of oversight, or abuse of authority.
No CU Is Immune From Employee Dishonesty
Effective risk oversight requires you to focus on all risks a CU faces, including embezzlement.
April 27, 2012
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.
Risk Oversight Is Top Board Priority
Managing risk requires your board to consistently discuss ‘what if’ scenarios.
November 11, 2011
CU boards are under increasing pressure to practice effective risk oversight, says CUNA Mutual Group's Joette Colletts.
Credit Union Magazine
March 2014 digital edition
A New Payments Paradigm
Prepare for the End of Gridlock
Solving the Fannie and Freddie Puzzle
Involve Members in Unite for Good
Enhance Members’ Cross-Channel Experience
This is a great list, but falls short. Consider the myriad of other risks that can bring the credit union to its knees: Technology risks including viruses, trojans, data breaches and other forms of security compromises. People risks, including disgruntled employees, social engineering attempts, social unrest, prison breakout, social media entries that also affect the mentioned reputational risk. Environmental risks, which could include derailed or overturned chemical tankers,blizzards, hurricanes, tornados, sink holes (save the Corvettes!), earthquakes, mudslides, forest fires. Leaders always need to be asking themselves, "What could stop us from performing our mission?" A solid crisis management organization, coupled with a realistic, exercised business continuity plan is vital to ensure continued operations.
Cash America self reported the Ohio collections robo signing incident which was a violation of company policy. An outside investigation was conducted and findings were reported to the state and CFPB. Customers were refunded money due the company before any federal or state action was announced.
This important article managed to engage & inform in a few short minutes. Kudos, CU Magazine!
This is such a great example of credit unions giving back. The key with Complex Community is that they don't just do these acts of kindness just to do them. They are a part of their culture (as you noted). Before starting a similar program, other credit unions should do a deep dive into their culture and then match their program to who they are.
This article is spot-on regarding engagement. In fact, many credit unions need to replace their sales training with member engagement training. Your members don't want to be sold to--they want to be engaged with. Likewise, your front-line staff are not sales people--they are educators.
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Say: Who should be Credit Union Magazine's 2014 CU Hero of the Year?
William Armstrong, Northeast Community CU
Dan Morrisey, Queen of Peace Arlington FCU
William Rissel, Fort Knox FCU
Joni Senkpeil, Illinois CU System
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