Replace a risk culture based on assumptions

Pen Air FCU needed a new way to analyze and assess risk following a NCUA examination. The credit union was paying for a risk management tool that wasn’t being used in a consistent, value-focused or advantageous fashion and knew they would soon be expected to measure and report more analytics on risk.

Needing a new approach to risk, they turned to enterprise risk management (ERM), a comprehensive framework for identifying, assessing and responding to risk. With help from the ERM experts at The Rochdale Group, Pen Air FCU implemented a process designed to improve their decision-making, create value for their members and locate opportunities for growth.

Embracing ERM’s organization-wide mindset, they also set staff members on the path toward ERM certifications earned at CUNA Enterprise Risk Management Certification School, and created a new risk position, an internal risk committee and a board risk committee. Together, these new structural elements help facilitate the measurement, review, analysis, application and oversight of risk data throughout the credit union.

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