CU Risk Core

CU Risk Core brings your Credit Union through the journey of designing, implementing, and operating an embedded risk management system, from risk assessment through to monitoring, remediation, and reporting.

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The Credit Union Risk Management Solution

Are you looking to enhance your Credit Union's risk management system? Discover CU Risk Core. This innovative solution transforms your approach by centralising key risk activities, fostering a strong risk culture, and ensuring efficient risk monitoring. With CU Risk Core, you can effectively manage and mitigate risks while empowering your team with the tools and guidance they need. Elevate your risk management practices and safeguard your Credit Union’s future with confidence using CU Risk Core.

Centralised Risk Management System

CU Risk Core offers a comprehensive, centralised risk management system that encompasses all aspects of your Credit Union's risk management needs. From the Risk Register and Risk and Control Self-Assessments to a Schedule of Monitoring Activities and an Incident Log, everything you need is in one place. Additionally, CU Risk Core supports annual activities required by the regulator, such as the development of the Risk Policy, Risk Plan, and Risk Appetite Statement. Ensuring a streamlined and efficient risk management process.

Fosters a Strong Risk Culture Across Your Credit Union

CU Risk Core strengthens your Credit Union's risk culture by distributing critical risk activities, including Risk and Control Self-Assessments and Incident Logs, across teams within your CU. This approach reduces the burden on the Risk Management Officer while offering a comprehensive perspective on risk management—from top management to frontline staff. By promoting active engagement in risk management at all levels, CU Risk Core cultivates heightened awareness and accountability for risks, strengthening your Credit Union's overall risk resilience.

Efficient Risk Assessment and Monitoring

CU Risk Core streamlines the process of risk assessment and monitoring by facilitating detailed assessments that capture key risks affecting your Credit Union and the corresponding controls used to mitigate them. The product enables you to establish and oversee an annual plan of monitoring activities, ensuring thorough evaluations of control design and operational effectiveness across your Credit Union.

Empowers Users with Clear Guidance and Education

CU Risk Core empowers the Risk Management Officer and key stakeholders by guiding them through regulatory risk requirements using its structured methodology. The product methodology not only clarifies the purpose behind each activity but also provides clear instructions on how to execute them effectively. By enhancing understanding and proficiency in risk management practices, CU Risk Core ensures that users are well-equipped to meet regulatory standards and optimise risk management strategies across your Credit Union.

Features of CU Risk Core

Centralised Risk Register

A centralised Risk Register captures key risk activities in line with CU guidance. The Risk Register includes a detailed Risk Library categorised into Level 1 (Prism risk categories as defined in the CU handbook) and Level 2 risks. This structured approach aids in systematic risk identification and management, providing a robust foundation for proactive risk mitigation strategies.

Risk and Control Self Assessments

CU Risk Core allows for precise assessment of risks at the business function level, empowering personnel across CU’s functional areas to actively engage in assessing and managing risks. This distributed responsibility enhances risk awareness and accountability throughout the Credit Union.

Reporting and Analytics

Generate comprehensive reports and gain valuable insights into your Credit Unions risk environment. Easily monitor your risks, identify emerging risks, and pinpoint opportunities for improvement through customisable reporting options, data visualisation tools, and analytics capabilities.

Integrated Incident Management

The Incident Log in CU Risk Core facilitates reporting of internal incidents and losses directly from operational levels. This feature ensures swift communication and escalation to the Risk Management Officer as required, ensuring timely response and resolution across all operational areas with enhanced efficiency and clarity.

Complete Audit Trail

CU Risk Core offers a comprehensive audit trail that tracks every stage of risk assessment, from initial assessment to review. This trail ensures Credit Unions can capture all data fields across risk assessments, incidents, and monitoring activities, including details of who completed each field and when. By providing transparency and accountability throughout the Credit Union, CU Risk Core strengthens governance and compliance efforts, fostering trust and confidence in risk management practices.