Developing your OWN ERM Program – Hands On Workshop | Credit Union
Audience: Credit Unions
Format: All Day Hands On Workshop
Are you creating the first Enterprise Risk Management (ERM) Program for your institution? Do you want to ensure your current program is complete yet keep it simple? Do you have pieces of the puzzle but don’t know how to put it all together? If yes to any of these questions, this hands-on workshop is for you! Risk Management is at the heart of credit unions and every financial institution must have policies, processes, and procedures in place to assess and manage the risks on their balance sheet. And risk assessments are at the core of ERM.
Marcia shares the fundamental pieces of the ERM puzzle, how they relate to each other, and how to integrate your ERM program into the institution’s Strategic Plan. Having built an ERM program from scratch, Marcia describes the various components of a strong ERM program. In this educational session, you will learn how to put your program together using all the parts you already have in your institution. You will walk away with practical tools that you can use at your organization immediately as you will complete three key risk assessments in class: ERM, IT, and Internal Controls. Marcia shares how you can make the process fun and how your team will become closer as they work together with the common goal of protecting the financial institution’s assets while fulfilling your vision.
Part I: ERM Basics and Definitions
- How Community Financial Institutions Can Survive and Thrive
- Strategic Plan Components and how ERM Fits In
- ERM Building Blocks and Three Ongoing Phases
- Identifying and Assessing Risk
- Mitigating and Eliminating Risk
- Monitoring and Reporting Risk
- New Definition of Banking Risk and Top Risk Categories
- Risk Appetite and Tolerance Statement
- Implement Your ERM Program
- Integrate Your ERM Program into Your Strategic Plan
- Benefits from having an ERM Program
- ERM Program Flowchart
Part II: Developing Strong Risk Assessments
- The Goal of Risk Assessments
- Risk Assessment Characteristics
- The Risk Assessment Process
- Risk Assessment System (RAS)
- CAMELS Rating System
- Annual Risk Assessments Recommended and Areas Assessed
- Examples: ERM, IT, Internal Controls, Insurance, New Initiatives
- Examples of Ongoing Monitoring and Reporting Tools
Part III: Hands-On Application
- Areas Assessed
- Categories Included
Complete Example Risk Assessments:
- Enterprise Risk Management
- Information Technology
- Internal Controls
Who Should Attend
Chief Risk Officers, Risk Managers/Leaders, Chief Credit Officers, Chief Financial Officers, Compliance Officers, Internal Auditors, Presidents involved in the risk management process and their ERM program.
Why You Should Attend
To learn what ERM is about, obtain tools, and take initial hands-on steps to create a complete yet simple ERM Program for your financial institution. This workshop will help your institution identify the key members of the ERM team and clarify the Board’s responsibilities versus the leadership team’s responsibilities. You will also obtain a better understanding on how to create/develop enterprise-wide risk assessments and what the Risk Assessment System is about. It will help you understand how the Risk Assessment System works together with the CAMELS rating from the regulatory perspective. Learn how to identify unique risks to your institution that are beyond the regulators’ top risk categories. Learn about the various risk assessments and the areas you need to assess in your organization. Lastly, you will learn how to complete three key risk assessments and take these tools to your institution immediately.
Enterprise Risk Management has been around since the 1980’s but it has now become more prominent in the banking industry due to increased global risks. Financial Institutions that have an ERM Program established are better positioned to grow successfully. The ERM Program based on best practices ensures institutions have a strong foundation and solid infrastructure which helps them foresee and prepare for future risks while achieving their organization’s vision.