A conversation about risk in the financial service arena is fraught; finance and accounting professionals are continually trying to get ahead of risk threats in hopes of reducing or negating damages. Since risk comes in many forms, executives are often faced with a moving target, taking aim at emerging risks.
The CUNA Finance Council has published a new white paper, “Emerging Risks.” This white paper evaluates several categories of risk that finance and accounting professionals should be aware of in 2018 and beyond, including:
- interest rate,
- and brand/reputation.
To better understand this overarching emerging risk issue, four leading credit union executives have shared respective approaches and experiences, responding to:
- How do credit unions monitor and respond to various risks?
- What resources and expertise are required?
- How are regulatory organizations formalizing and implementing new risk management plans?
The responses to these queries are informative; however, finance and accounting executives cannot manage these risks alone and are encouraged to develop a risk management strategy in partnership with all departments of the credit union.