Activity – ERM is not a new acronym in the financial institution industry. In 2003, the NCUA issued a letter to credit unions outlining the seven primary risks associated with running a credit union and went on to change the exam structure to a new risk-focused process. However, developing an ERM program with a n toolset that makes business sense, provides a good reporting structure, and can actually assist decision makers evaluate specific risks has been a difficult task. Hence, third-party vendors wrap a mystique around this thought process and sell it as the greatest thing since sliced bread.
Solution – Augment existing CU*BASE menus and tools to align with the seven risks and provide additional tools and guidance on managing an effective ERM program. The majority of the work will be simply grouping together existing features so they are easier to find and organized according to the ERM buzzwords. New features will also be introduced to supplement the substantial number of existing tools.
Status – First phase in 12.2 release. Updated 11/7/2012