What is enterprise risk management (ERM)? Why is it critical for good corporate governance and management of financial institutions? Why must the credit union industry move aggressively to understand and adopt this fundamentally new and comprehensive means of measuring, monitoring, and controlling risk? Financial institution directors and senior managers must have a good understanding of how to assess enterprise-wide risk in an integrated manner. Implementing such a program must begin with the board. A good program will link risk management with strategic and capital planning and enhance the institution’s ability to be competitive and to operate more efficiently and profitably.

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