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CUNA Mutual Group Introduces Risk Insight Dashboard for Fidelity Bond Policyholders
Thursday, December 4, 2014 6:35 AM

Credit unions face myriad daily risks that threaten their financial well-being, reputation and membership. To further protect credit union fidelity bond policyholders and reduce their loss exposures, CUNA Mutual Group has introduced an intuitive online tool that provides executive-level risk insights unique to a particular credit union.

The Risk Insight Dashboard elevates a credit union’s risk awareness in five key areas, helping guide risk prevention decisions by management and boards. Credit unions complete an initial online assessment by answering a short series of yes/no or multiple choice questions to establish their 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 & General Ledger)
  • Lending Oversight
  • Employment Practice
  • Data/Network Security
  • 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 0-100 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.

“The Dashboard uses submitted data to analyze and compare a credit union’s unique risk characteristics and risk management practices, and the results help the credit union identify, prioritize and act to manage the most pressing risks,” said Jay Isaacson, CUNA Mutual Group vice president, Credit Union Protection. “It’s not just a check list of best practices; it arms executives with tangible data to share with their management teams and boards as they set policies and procedures,” Isaacson said.

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,” Isaacson added.

Policyholders can access the Dashboard via a link on the main navigation of the Protection Resource Center, or it can be accessed directly at www.cunamutual.com/RiskDashboard.

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 (e.g., NCUA 5300 Call Reports).

CUNA Mutual Group is the credit union marketplace leader in offering fidelity bond protection, insuring more than 85 percent of all credit unions (CUNA Mutual Group internal data, 2014). “We’ve used our nearly 55 years of working with and understanding thousands of credit unions’ loss exposures in building the Risk Insight Dashboard. It’s a differentiator for CUNA Mutual Group and a critical addition to our portfolio of value-added risk management tools we already provide to customers to help them understand and mitigate risk exposures,” Isaacson said. “We continue to invest in our risk management offering to ensure that we are positioned to add value to our credit union policyholders as they contemplate how to manage the most critical areas of risk in their operations,” Isaacson added.

Credit unions can get more information by contacting their CUNA Mutual Group risk manager, or by calling 800.637.2676.

CUNA Mutual Group was founded in 1935 by credit union pioneers, and our commitment to their vision continues today. We offer insurance and protection for credit unions, employees and members; lending solutions and marketing programs; TruStageTM-branded consumer insurance products; and investment and retirement services to help our customers succeed. More information is available on the company’s website at www.cunamutual.com.

CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.