From our partner, CUNA Mutual.
Innovation, employee experience and evolving consumer preferences are changing the financial services landscape. This includes the way financial products and services are delivered. Many credit unions are exploring ways to address the changing landscape, to increase efficiencies, grow their reach and improve competitiveness. No matter what your organization’s approach is, there’s a new level of scrutiny that you need to apply.
Clearly, you must be sure that you’re not doing something that introduces too much risk that could put your long-term viability in jeopardy. However, it doesn’t mean you shouldn’t pursue opportunities. Risk management shouldn’t be the department that says no, but rather the function that enables successful execution with the emerging risk universe in mind. While each credit union has its own unique risk footprint, this Emerging Risks Outlook highlights risks and loss trends that most likely should have your eye on. The Emerging Risks Outlook series provides credit unions with:
Remember, when risk management is effective, typically nothing bad happens. But, if you’re blindsided by a problem, your reputation often takes the hit. Don’t let not knowing which emerging risks are around the corner take the blame.
To discuss how to identify risk, mitigate losses, and receive insightful resources and tested practices, Ask a CUNA Risk Consultant.