Reporting ERM activities is critical
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A critical component to any enterprise risk management (ERM) program is reporting the results.
Providing an update on the ERM program and what has been accomplished allows the ERM culture to continually be fostered at the credit union. It also supports board oversight, reinforces key ERM concepts, and demonstrates the organization’s commitment to ERM.
“What gets measured gets managed,” says Drew Smith, a business and risk consultant with Rochdale Paragon Group.
Smith discussed ERM and the advantages it provides to credit unions but focused on reporting ERM results during a breakout session at the 2019 CUNA Supervisory Committee and Internal Audit Conference Tuesday in Las Vegas.
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