When ORNL Federal Credit Union promoted Lisa Thompson to vice president of ERM in 2016, the cooperative effectively centralized enterprise risk under a single individual. To ensure a holistic approach to identifying and assessing risk, one of Thompson’s first tasks was to establish a formal ERM committee.
Fifteen employees representing each of the organization’s business lines comprise the ERM committee. Vice presidents and assistant vice presidents typically sit on the committee; however, if the position doesn’t exist within a specific line, a manager-level position fills in.
To learn more, read "3 Facts About The ERM Committee At ORNL."
After frustrations with traditional approaches to big data — and trying to gain a 360-degree, understandable, actionable view of each member — OneAZ Credit Union re-engineered its whole data storage and analysis process using what it calls an analytical data utility (ADU).
Rather than using an Enterprise Data Warehouse, the credit union is now using an Enterprise Data Lake.
To find out what the credit union means by "data lake," and how it provides a more comprehensive view of member relationships, check out "This Method To Capture Member Data Isn't All Wet."
The images of flooding, devastated landscapes, and people who have lost everything from hurricanes Harvey, Irma, and Maria fill the airwaves.
Loss of life and property damage in the billions continue to mount. One credit union economist has stated that Harvey’s destruction in Texas (before Irma) could cause losses to the NCUA.
However, there is an unfortunate human tendency to believe dystopian forecasts: “Negativity makes one sound like an expert,” as the saying goes. If the past is still prologue, the NCUA does not need to keep credit union bailout money.
Read more: "Pre-Funding Hypothetical Future Losses: A Lesson From Hurricane Katrina."