Lawrence Pineda is a 30-year-old Enterprise Risk Management Program Manager with Mission Federal Credit Union ($2B) in San Diego, California.
Synopsis: Calculated risk-taking is essential to creating value in a Credit Union. Virtually any activity that seeks to increase value also carries some degree of risk and in these difficult economic times Credit Unions cannot become risk averse. Credit unions must proactively manage its risk exposure across all areas of the organization; so that it incurs the right kinds of risks to effectively meet its strategic goals.
My project as your Next Top Credit Union Executive is to create a best practice Enterprise Risk Management (ERM) Program designed to align organizational risk appetite with strategic direction. The implementation of an ERM Program will allow Credit Unions to proactively identify and manage cross enterprise risks to minimize operational losses and to identify opportunities for improvement.
Developing a best practice ERM framework, will provide Credit Unions:
- A standardized process to identify, evaluate, manage and monitor risk for all business activities and products and services;
- The ability to rapidly communicate information to help guide business decisions, and;
- The chance to understand the opportunities for benefit (+) and threats to success (-).
Creating a best practice ERM framework will help Credit Unions make faster and more informed business decisions. I look forward to sharing this experience with you if I am voted as your “Next Top Credit Union Executive”.