As COVID-19 puts financial institutions under stress, strong capital foundations and visionary leadership has never been more important. Credit unions have adapted to meet the needs of employees and members but face risks under this “new normal”. One significant example is how the inherent risk of your loan portfolio - the largest earning asset of your credit union - has increased dramatically. While crisis surrounding a pandemic can create confusion, spending time considering and implementing policies, procedures, and controls will help ensure your organization is well equipped and efficient to handle transitions and mitigate risk and losses. CUNA Mutual Group Senior Risk Consultant James Bullard provides insight and tips for mitigating risks brought on by COVID-19 that may help your credit union.
For questions or more information regarding this topic, please contact Senior Business Solutions Manager Jose Ortiz.