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Risk Management

A collection of 70 posts

Surpass the Competition and Exceed Expectations with ERM

Risk Management

Surpass the Competition and Exceed Expectations with ERM

If your credit union views risk management as an intermittent irritation instead of an opportunity to create a competitive edge, it might be time to rethink your approach. For your credit union to stay competitive in our threat-laden times, stronger risk management is necessary. Enter Enterprise Risk Management (ERM). With

Prepare & Protect: Top Credit Union Risks in 2025

Risk Management

Prepare & Protect: Top Credit Union Risks in 2025

Take a look at any headline these days, and there is one word that seems to be everywhere: uncertainty. And is it any wonder why? From security to liquidity, the threat of uncertainty is profoundly ingrained in every aspect of credit union operations. Even though credit unions are not new

Are You Prepared for Ransomware IRL?

Risk Management

Are You Prepared for Ransomware IRL?

Most ransomware prevention advice focuses on antivirus software and other defenses, such as having good detection and response (DR) mechanisms. All of these are important. But with the advanced level of ransomware today, you also need to take measures that test your defenses and DR strategies to ensure the measures

Navigating Business Continuity Red Flags

Risk Management

Navigating Business Continuity Red Flags

Third-party vendors play a crucial role in the financial institution industry as technology evolves to meet consumers' ever-changing needs. However, without a shared commitment to business continuity, vendor relationships can falter, potentially impacting operations, compliance and customer trust. To sustain compliant and effective vendor relationships, credit unions should proactively

A Guide to 1071 Voluntary Reporting

Risk Management

A Guide to 1071 Voluntary Reporting

One of the many complex aspects of the Consumer Financial Protection Bureau (CFPB)’s rule implementing section 1071 of the Dodd Frank Act is the option for voluntary reporting. What does this option look like for covered financial institutions? Why might a lender want to participate? What are the pros

Is There a New Pillar of BSA Compliance on The Horizon?

Risk Management

Is There a New Pillar of BSA Compliance on The Horizon?

Back in 1970, Congress passed the Bank Secrecy Act (BSA), a law which required financial institutions to work with the government to eliminate money laundering and fraud. Now, over 50 years later, BSA has endured multiple rules and regulations changes, which have resulted in what is called the “five pillars”

Be Cyber Safe: 4 Tips to Secure Your Credit Union During Cybersecurity Awareness Month

Risk Management

Be Cyber Safe: 4 Tips to Secure Your Credit Union During Cybersecurity Awareness Month

Earlier this year, we learned that millions, if not billions, of people were impacted by the National Public Data breach that occurred in December of 2023. Through this data breach, personal information like social security numbers, addresses and phone numbers were exposed to bad actors. In July, Ticketmaster released information

Is Cyber Liability Insurance Worth It?

Risk Management

Is Cyber Liability Insurance Worth It?

There’s no doubt about it – we are firmly cemented in the Digital Age. And in this age, where data breaches and cyberattacks are as prevalent as mobile banking and contactless payments, credit unions find themselves at a crossroads. With our deep-rooted commitment to the security of our members’ information

Choosing the Right Risk Management Framework for Your Financial Institution

Risk Management

Choosing the Right Risk Management Framework for Your Financial Institution

What’s the difference between Enterprise Risk Management (ERM); Integrated Risk Management (IRM); and Governance, Risk and Compliance (GRC)? Does it really matter if financial institutions use one of these risk management frameworks? As it turns out, it does. Selecting the right risk management framework empowers financial institutions to meet

Planning with Purpose: 10 Tips to Develop Your Year-Long Security and Compliance Training Program

Risk Management

Planning with Purpose: 10 Tips to Develop Your Year-Long Security and Compliance Training Program

Our team at KnowBe4 recently got together to talk about planning for annual security and compliance training. You might be thinking, “Aren’t you a little late in planning for the year? It’s March already...” We are actually talking about 2025. Not everyone trains millions of learners all around

Security Review, Assessment, Audit: What's the Difference?

Risk Management

Security Review, Assessment, Audit: What's the Difference?

Football vs. football. They’re two different sports that share the same name (at least, in some places). They also have some skills and attributes that overlap, such as controlling the ball, teamwork, quick footwork and running, scoring points and so on. But, at the end of the day, American

Marijuana Banking: Don't Get Caught in the Weeds

Risk Management

Marijuana Banking: Don't Get Caught in the Weeds

Ah, cannabis. On one hand, it’s a source of relief for many people. On the other, it’s a sore subject, rife with negative ideology and uncertainty. It’s like a dandelion…a pop of color that has the appearance of a flower but is, nonetheless, a weed. Ironic,

New Guidance For Managing Cybersecurity Risks With NIST CSF 2.0

Risk Management

New Guidance For Managing Cybersecurity Risks With NIST CSF 2.0

NIST’s Cybersecurity Framework (CSF) is designed to help institutions of all sizes and sophistication levels manage and reduce their unique cybersecurity risks. With the release of CSF 2.0, the guidance provided by NIST has expanded the practice and controls that institutions can use to best understand, assess, prioritize

Adapting Business Continuity: Navigating Climate Change Challenges

Risk Management

Adapting Business Continuity: Navigating Climate Change Challenges

Climate change is a controversial topic, to be sure. But the 28 natural disasters, with an estimated $92.9 billion price tag, and a record for the eighth deadliest year for the United States, don’t lie. My apologies…I don’t mean to be the bearer of such disconcerting

Do You Need to Manage Fourth-Party Risk?

Risk Management

Do You Need to Manage Fourth-Party Risk?

You’re a pro at managing third-party risk, but how do you deal with fourth-party risk? Your vendors are likely farming out critical activities to other vendors. It’s all a part of ordinary business operations. Just as you want to maximize efficiencies, so do your vendors. However, your vendors’

Do ERM and AI Play Nice?

Risk Management

Do ERM and AI Play Nice?

Oil and water, or peanut butter and jelly? Wait…that is the question? Sure, it may not be as timeless and eloquent a thought as William Shakespeare’s “to be or not to be?” But it is, undoubtedly, a loaded question for risk management professionals when it comes to the

The Risks of AI in Banking

Risk Management

The Risks of AI in Banking

From chatbots assisting banking consumers to machines preventing fraudulent transactions, AI appears poised to transform the financial industry. Using large and complex data sets, FIs can leverage AI to develop more refined risk analyses and selectively target consumers with unique product and service offerings. But with the potential benefits of

You Better Watch out Because These 8 Cyber Scams are Coming to Town

Risk Management

You Better Watch out Because These 8 Cyber Scams are Coming to Town

You better watch out. Be careful when you buy. Better check your accounts. I’m telling you why…cyber scams are coming to town! According to McAfee, a well-known cybersecurity company, most Americans intend to do their holiday shopping online this year, which makes sense because online shopping is convenient

5 Reasons Why a Password Manager is Worth the Investment

Risk Management

5 Reasons Why a Password Manager is Worth the Investment

If you’ve spent any amount of time in the financial industry, you’re probably familiar with the dos and don’ts of passwords: DO: * Use various upper-case and lower-case letters. * Make sure it is at least eight or more characters in length. * Include special characters. * Create strong, hard-to-guess passwords.

5 Ways to Take the Uncertainty Out of Compliance Audits

Risk Management

5 Ways to Take the Uncertainty Out of Compliance Audits

They say that death and taxes are the only certainties in life. But in the credit union world, there’s a third certainty – the annual compliance audit. Whether that has the same dreaded connotation as death and taxes is subjective, but it’s probably safe to say that it’s