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Bellco Credit Union Implements CRM Initiative

Contact:
Laura Higgins, Director of Marketing
O:  303-689-7969    
Cell: 303-478-3261
lhiggins@bellco.org

Bellco Credit Union, one of the largest credit unions in Colorado, announced it is implementing an Enterprise Risk Management (ERM) program with guidance from The Rochdale Group. “The recent economic climate has heightened the overall awareness and need for enhanced risk management and capital deployment capabilities – credit unions are more sensitive to capital and earnings variances than ever before,” stated Doug Ferraro, CEO of  Bellco Credit Union.

Bellco selected The Rochdale Group, a Kansas City-based credit union consulting organization, to help plan and execute the organization-wide ERM initiative. Beginning in late 2009, Rochdale consultants worked across Bellco’s business units to elevate awareness of risk issues, identify actionable areas for ERM focus, and to prioritize a master list of ERM-related activities for the credit union to undertake. As a result, Bellco has already made several enhancements to internal controls and processes that benefit the credit union. 

Bellco’s methodology is based on the Committee of Sponsoring Organizations’ (COSO) integrated framework, which is a recognized standard of excellence in this field. Bellco plans to continue increasing its enterprise risk management capabilities over time using a maturity model approach. This approach enables Bellco’s leadership team to define an ERM roadmap designed to view risks across all business units, identify program maturity levels, strengths and weaknesses, and to develop the next steps in the evolution of its ERM program. The methodology focuses on several key areas of risk: strategic, transaction, credit, liquidity, compliance, reputation, and interest rate risk.

Doug Ferraro noted, “We realized there was great benefit in engaging an independent third party that understands credit unions and ERM.  That impartial viewpoint was extremely helpful, as the Rochdale team was able to examine Bellco objectively, making it much easier for us to identify opportunities and organizational risk—and then mobilize swiftly to take action.”

The Rochdale Group offers a way to take the complex concept of enterprise risk management and distill it down to a practical and applicable framework designed specifically for credit unions. The goal is to maximize the credit union’s risk-adjusted returns and minimize risks, while attaining the objectives of the credit union and its members.” stated Tony Ferris, managing partner for The Rochdale Group. “Enterprise risk management not only provides a measurable way to look at the organization and its goals but at the end of the day delivers the tools to provide a competitive advantage.”

About Bellco Credit Union

Bellco is one of Colorado’s largest credit unions, with $1.9 billion in assets, over 350 employees and 16 branches in Colorado. Founded in 1936, Bellco offers a full range of financial products and services including auto loans, mortgages and checking accounts. Today, Bellco Credit Union has 192,000 members, and over a thousand Select Employee Groups. Member advantages include lower interest rates on loans and higher yields on savings, as well as access to thousands of surcharge-free ATMs. Bellco actively supports the community by donating funds and employee volunteer hours to many Denver-area organizations. Bellco sponsors the annual Bellco Credit Union Denver St. Patrick’s Day Parade, Littleton’s Western Welcome Week, the Arvada Harvest Festival and other community events.

About The Rochdale Group

The Rochdale Group is a credit union consulting firm focused on risk, organization performance, and project management processes, collaboratively working with credit unions to develop solutions for success. For more information, visit www.rochdalegroup.com.  


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