MADISON, Wis. (11/19/14)--CUNA Mutual Group has introduced an online tool that provides credit union-specific risk insight to protect fidelity bond policyholders and reduce their loss exposures.
The Risk Insight Dashboard elevates a credit union's risk awareness in five key areas, helping guide risk prevention decisions by management and boards. Each credit union completes an initial online assessment by answering a short series of yes/no or multiple choice questions to establish a benchmark. Responses feed a customized dashboard for each credit union to provide executive insight into five key risk areas, which include:
- Internal controls (cash handling and general ledger);
- Lending oversight;
- Employment practice;
- Data/network security; and
- Member authentication.
The Risk Insight Dashboard is a value-added benefit for fidelity bond policyholders and is housed online in CUNA Mutual Group's Protection Resource Center. It provides credit unions a custom risk rating of low, moderate or high in each area with a numerical scale of 0 to 100 based on the credit union's completed assessment. Risk awareness in key areas helps the credit union prioritize action steps to prevent, mitigate and manage risks. The dashboard also shows how the credit union compares to peers.
CUNA Mutual Group benefits from dashboard results as well. "The Risk Insight Dashboard enables us to capture credit union risk management practices relative to peers, provide customized, consultative advice and deliver solutions they need to mitigate those exposures," said Jay Isaacson, CUNA Mutual Group business protection vice president.
Policyholders can access the dashboard via a link on the main navigation of the Protection Resource Center, or it can be accessed directly at
Users can reassess their risks anytime, but Isaacson suggests credit unions update their dashboard at least annually, or when they make a significant change to their policies and procedures in one of the key risk areas. In addition, CUNA Mutual Group will regularly update data that defines the credit union's risk score, such as National Credit Union Administration 5300 Call Reports.