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Risk Management

A collection of 68 posts

Business Continuity Management & Enterprise Risk Management: The Super Duo of Resilience

Risk Management

Business Continuity Management & Enterprise Risk Management: The Super Duo of Resilience

To quote one of the world’s most famous and influential fictional characters, “Jenny and me was like peas and carrots!” Just as Jenny and Forrest Gump were two halves of one soul – or as Forrest so eloquently said, peas and carrots – I know another super duo that fits together

How to Create an ERM Report That Tells a Story

Risk Management

How to Create an ERM Report That Tells a Story

Picture yourself, for a moment, back in kindergarten. You were just learning how to read with short sentences and lots of pictures. Over the years, throughout the rest of your school career and into adulthood, the stories evolved from two and three-word sentences accompanied by lots of illustrations to long

Risk Management Controls: A Primer

Risk Management

Risk Management Controls: A Primer

Risk management is a critical aspect of banking operations. However, one area that often draws resistance is risk management controls. The concept may seem intimidating or overwhelming, but when you break down the components, you’ll find risk management controls aren’t nearly as complicated as you think. Understanding Risk

Rising Cost of Eggs, Gas and…Cyberattacks?

Risk Management

Rising Cost of Eggs, Gas and…Cyberattacks?

Every time we go to the grocery store, we’re reminded about the rising costs of groceries. Meat, eggs and even butter prices have all suffered at the right hand of inflation. In fact, according to the U.S. Bureau of Labor Statistics’ Consumer Price Index, eggs increased 70 percent

Why Check Fraud Isn’t Going to Magically Disappear Any Time Soon

Risk Management

Why Check Fraud Isn’t Going to Magically Disappear Any Time Soon

You know what fraudsters and magicians have in common? The element of distraction, a masterful grasp on the sleight of hand and a penchant for trickery. The difference? One simply wants to entertain the masses while the other seeks to deceive for personal gain. In this age of multiple payment

The Domino Effect: Third-Party Vendor Data Breaches

Risk Management

The Domino Effect: Third-Party Vendor Data Breaches

It’s a beautiful day outside. The sun is shining. The birds are singing. The breeze feels nice. But then you get the dreadful news…one of your vendors had a data breach. And since your vendor had a data breach, that means it could affect your credit union, which

5 Steps for Easing into ERM

Risk Management

5 Steps for Easing into ERM

Building out an enterprise risk management (ERM) program can be overwhelming for financial institutions and others in the financial services industry. Risk management is a broad umbrella covering a wide range of risks, including operational, cybersecurity, compliance, reputation and financial risk, among others. With so many areas to cover, it’

Preparing for Ransomware Attacks Through Business Continuity Planning

Risk Management

Preparing for Ransomware Attacks Through Business Continuity Planning

That’ll never happen. That’s extremely unlikely. Planning for that is a waste of time. I’ve got more pressing projects to work on. Have you ever said anything like that when it came to business continuity planning? Have you ever thought those phrases but never said them out

How to Respond to 4 Common Technology Objections from Your Board

Risk Management

How to Respond to 4 Common Technology Objections from Your Board

Your board of directors is responsible for safety and soundness, growth, and increasing the profitability of your institution — all while serving the needs of your customers, employees, and community. Meeting these goals requires that the board of directors makes wise investments in capital projects, including adding or upgrading technology. In

The Key to Cybersecurity is a Good Defense...And We Have the Key!

Risk Management

The Key to Cybersecurity is a Good Defense...And We Have the Key!

The world may seem larger than ever before, but attackers don’t think so. With our reliance on the virtual space to connect us and push technology into mainstream operations – especially those for financial institutions like credit unions – every device is an open invitation to steal data and network access.

Cybersecurity Awareness Month Takes the Scare Out of CU Security

Risk Management

Cybersecurity Awareness Month Takes the Scare Out of CU Security

Michael Myers, Jason Voorhees and Freddy Krueger might strike fear in the hearts of horror fanatics this time of year, but the real villains are much more elusive and certainly more persistent. Bad actors, hackers, those who exploit your credit union and your members’ data are the real monsters, and

Are You Thinking About Climate Change?

Risk Management

Are You Thinking About Climate Change?

Turn on any news channel, and you’re likely to hear about climate change. Step outside and feel the greenhouse effect its created. Go to a local car dealership and see the number of electric vehicles versus gas-powered ones. Suffice it to say, climate change is front and center in

A Patch a Day Keeps the Vulnerabilities Away

Risk Management

A Patch a Day Keeps the Vulnerabilities Away

The old adage “an apple a day keeps the doctor away” speaks volumes about the importance of preventative measures that protect your health. In the risk world, apples won’t do much, but there is something that will…patch management. Patches are essentially playing the same role as an apple

File or No File: When Does Unusual Become Suspicious?

Risk Management

File or No File: When Does Unusual Become Suspicious?

Member activity can quickly move from something they haven’t done before to something you need to report. It’s important that everyone in your organization knows what to look for and how to escalate concerns. Determining when to file a Suspicious Activity Report (SAR) can vary by institution, but

How will the New Cyber Incident Notification Rule Affect your FI? 4 Steps to Update Your Institution’s Incident Response Plan

Risk Management

How will the New Cyber Incident Notification Rule Affect your FI? 4 Steps to Update Your Institution’s Incident Response Plan

Federal regulators have been encouraging financial institutions to share information about known cyber incidents for years. Now banks and their third-party service providers have until May 1, 2022, to comply with the new rule requiring prompt regulator notification in the event of a cyber incident. How to Respond When a

Top Cybersecurity Pain Points Facing Credit Unions and How to Address Them

Risk Management

Top Cybersecurity Pain Points Facing Credit Unions and How to Address Them

According to Federal Reserve Chairman Jerome Powell, cyberattacks are one of the greatest risks to our global financial system [https://news.cuna.org/articles/119340-prepare-for-the-next-cyberattack-3-steps] . These risks have only increased as online financial transactions rise. For credit union cybersecurity, this means the effort required to protect member data is increasing

The Internet of Things or the Internet of Risk? That Depends…

Risk Management

The Internet of Things or the Internet of Risk? That Depends…

Look around you. At quick glance, you might see a smart thermostat, smart phone, video doorbell or fitness tracker. These things tie you directly, whether knowingly or unknowingly, to the Internet of Things (IoT). But you’re not alone – Cisco estimates there will be an astounding 500 billion devices connected

The 4 Building Blocks of Business Resiliency in a Post-Pandemic World

Risk Management

The 4 Building Blocks of Business Resiliency in a Post-Pandemic World

It seems like a whole lifetime ago that we lived a in relatively worry-free Covid-free world. But, though it’s certainly not the existence we wish to have, the pandemic has taught people and businesses alike to be resilient – not just stable, but resilient. That’s why we at Vizo

Multifactor Authentication: The Change Worth Considering

Risk Management

Multifactor Authentication: The Change Worth Considering

In the past two years, we have seen change after change after change. It started with the world seemingly shutting down with most of us beginning to work remotely, then went to us wearing masks when we did go out and now, we’re trying to settle into what seems

The Good Enough Myth: How the “Swiss Army Knife” of Business Tools Can Fail You

Risk Management

The Good Enough Myth: How the “Swiss Army Knife” of Business Tools Can Fail You

Today I’d like to share a story from The Financial Times [https://www.ft.com/] that’s very near and dear to my heart: The Tyranny of Spreadsheets: How One of Our Most Powerful Tools Became One of the Most Misused. If you’ve been using spreadsheets to manage

Who’s Really Behind Your Email Account?

Risk Management

Who’s Really Behind Your Email Account?

Cloud-based servers can be extremely useful, wouldn’t you agree? You don’t have to worry about hardware maintenance, power consumption, redundancy or physical security. Not to mention, storage limits are more easily resolved with less down time. And how many of us have hit the “Save Password” button when

Ransomware: 7 Tips for Managing A Growing Risk

Risk Management

Ransomware: 7 Tips for Managing A Growing Risk

Ten years ago, few people could have imagined that one of the greatest operational and data security threats to financial institutions would be extortionists holding data hostage. Yet that’s exactly what’s happening today with ransomware. The banking industry has become a massive ransomware target—and the threat is

Artificial Intelligence Won’t Replace You—But It Will Make You Smarter

Risk Management

Artificial Intelligence Won’t Replace You—But It Will Make You Smarter

Does the phrase “AI in risk and compliance management" conjure up images of robots taking over the world—or worse yet, replacing you at work? From the Terminator to Hal in 2001: A Space Odyssey (and a spate of other films like Blade Runner and The Matrix), countless films

Find Your Hunger: Establishing Your Credit Union’s Risk Appetite

Risk Management

Find Your Hunger: Establishing Your Credit Union’s Risk Appetite

Hunger is a phenomenon we all experience, but it’s different for everyone. While some people wake up absolutely famished and ready for breakfast, others can get away with just a few small bites here and there until lunchtime. The key to resisting hunger is to know your appetite. The