WASHINGTON – While the CFO or investment officer is typically the point person for overseeing a credit union's investment portfolio, CEOs should still be aware of the “risks” embedded there, says one industry expert. Mike Philbin, vice president of sales for Callahan & Associates' Trust for Credit Unions, said investing from the CEO's perspective involves few hard and fast rules, but the question likely to be asked is how involved does the CEO need to be in these day-to-day decisions. “There are many tactical decisions that are made on a daily basis to execute the portfolio strategy and the level of involvement from the CEO perspective is tough to standardize,” Philbin said. Philbin said such issues as certificates from corporate credit unions, whether there is a readily available secondary market, the call risk in agency debentures or the cash flow uncertainty of mortgage backed issues may be off the radar chart for some CEOs. While “CEOs (may) have too much on their plate to analyze the investment portfolio,” he or she should be “aware of the risks embedded in the portfolio, the investments the credit union is authorized to buy, and how the trading of the portfolio is systematically reviewed.”