CUNA Mutual Group has added four new Online Risk Assessments to its Credit Union Protection Resource Center to help Bond policyholders avoid some of the fastest-growing and most costly risks.
Risk assessments are interactive and not only identify risk exposures a credit union faces but also provide mitigation recommendations based on specific responses the credit union provides, said Brad Mundine, senior manager, CUNA Mutual Group Credit Union Protection Risk Management.
“The assessments generate additional questions based on the responses and provide a risk rating and high-level recommendations related to the risk area. They are easy to use and accessible to credit unions anytime,” Mundine said.
Following are the new risk assessments and the types of losses they can help credit unions avoid:
- Wire Transfer - Unauthorized funds/wire transfer losses have increased in frequency and severity as fraudsters impersonate members in requesting transfers, primarily by phone and fax. Fraudsters’ use of social engineering tactics and data-mining techniques find loopholes in loss prevention efforts.
- Data Network Security - Data breaches concern CEOs and information technology professionals across the globe due to financial, compliance, legal and reputation risks breaches create. The information-rich financial services industry is a top target. The cost to recover from a data breach is devastating, making vigilance a must.
- Internal Controls - Employee dishonesty losses have historically been the largest claims category in terms of dollars paid. Effective internal controls are the foundation of a safe and sound credit union.
- Lending Oversight - Credit unions need to increase lending oversight to reduce the risks of loan officers approving loans outside of the established loan policy, creating fraudulent loans and inadvertently granting loans to identity thieves.
Other online risk assessments cover check fraud, disaster preparedness, internal controls and plastic card fraud. Along with webinars, RISK Alerts, white papers, videos and other loss prevention tools, risk assessments are just some of the no-cost services available to all CUNA Mutual Group Bond policyholders, which represent 86 percent of all U.S. credit unions. They are accessible via My Services at www.cunamutual.com.