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Enterprise Risk Management: Better Than Chicken Soup for the CU Soul

LEDYARD, Conn. -- If you take on risk, as credit unions do, you have to have enterprise risk management.

By Sarah Snell Cooke | Updated on June 10, 2008

LEDYARD, Conn. — If you take on risk, as credit unions do, you have to have enterprise risk management.

That was the theme of the preconference session at the Members United Corporate Federal Credit Union Economic Forum here June 2. “You have a balance sheet, you have risk,” Members United Chief Risk Officer Larry Harmon observed. “Basically risk is the possibility that an event will occur and adversely affect the achievement of an objective.”

Risk is not static, but represents a whole range of potential results. However, Harmon emphasized, “Risk encompasses both opportunities, because if we manage risk properly you take opportunities and you look at threats.”

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