Active assailant incidents
Tragic active assailant events in our communities are unpredictable, evolve quickly, and are often over before law enforcement arrives on the scene. This Active Assailant Incident session focuses on helping credit unions plan and prepare, build situational awareness that can assist employees on how to respond during an active event, and manage employee safety & wellness and your reputation after an unfortunate event. The session will uncover how to respond during an event and also introduce steps to prepare your credit union and staff.
Emerging risk outlook
Keeping ahead of the complex array of ever-changing risks, compliance issues, and industry regulations that are impacting credit unions requires keen awareness, effective preparation, and loss control scrutiny. When risk management is effective, typically nothing bad happens. But, if you’re blindsided by a problem, your credit union reputation takes the hit. Don’t let not knowing which emerging risks are around the corner take the blame. While each credit union has its own unique risk footprint, this Emerging Risks Outlook introduces risks and trends that should be on your radar.
Navigating litigation trends
Class action lawsuits and litigation can present significant risks to credit unions. Credit unions need to exercise caution as it relates to strategy and risk. And keeping ahead of the complex array of ever-changing risks and litigation challenges is critical. This session will cover topics such as:
- Overdraft / NSF fee litigation
- Collection letters (defective post-repossession notices)
- Wage & hours and FLSA
- Foreign transaction fees
- Peer-to-peer fraud & Reg E
- Fair lending
Don’t fall victim: fraud & scams
Fraudsters are constantly evolving their tactics and identifying new, sophisticated ways to steal money and data from employees and members. Using common channels like emails, text, and phone calls; fraudsters typically disguise their identity while retrieving confidential member information. Their multi-channel approach looks for victims who find their stories convincing and will willingly click on links or share sensitive information, which can be used to authorize and transact many types of transactions.
This session covers various forms of check fraud; business email compromise; fraudulent instruction; ransomware; account fraud; consumer scams; elder abuse and more.
Growing your loan portfolio safely
Credit union growth strategies typically include loan growth — consumer, real estate, business lending, indirect, and digital channels. To optimize these lending growth initiatives, you must navigate the lending landscape by understanding the make-up and opportunities of member engagement, benefits of data analytics, and managing risk related to compliance, fraud, and internal lending controls. This session introduces these unique components of risk and compliance while helping you efficiently and safely identify future lending opportunities.
Employment practice risk trends & talent management
When credit unions hire employees, as the employer, you have some responsibilities to that employee and to all future employees. However, new laws and responsibilities have made it clear that treating all employees fairly and equitably without creating additional credit union risk is important. This session will examine the risks, rights, and obligations of employers and employees — in addition to highlighting how well-constructed foundational talent components should be in place. It is critical that your HR professionals and managers understand that company culture and reputation play a significant role in worker attrition.
Ransomware & cybersecurity threats
The ransomware business is booming and could be bringing in billions for some of its top bad actors. In addition to extortion demand increases, ransomware has grown in both frequency and severity. A ransomware incident is one of the most disruptive and costly attacks your credit union can suffer. As a result, the cyber insurance marketplace is changing at a rapid pace with increased scrutiny for loss controls being in place. While there’s no foolproof way of preventing ransomware attacks from occurring; however, all too often ransomware can be avoided with the right IT security and risk management procedures.
The workplace & employee safety
It is critical that credit unions rethink the way to protect people, assets, and reputation. Organizations that perform well in trying times and adapt business practices with risks in mind can minimize negative impact, speed up reputational recovery, and stand out from others who may not be as well prepared. While all threats or reports should be evaluated separately and responses will vary, clear criteria for escalation and intervention should also be defined for incidents such as:
- Active shooter
- Kidnapping and extortion
- Bomb threats
- Social movement
- Employee, member, and visitor behavior
- Slips, trips and falls
No credit union is immune to these types of occurrences. Internal operations and even organizational culture may require modifications to maintain consistent protection of your people.
Ensuring the vendor delivers upon expectations (vendor due diligence)
Organizations today are not simply comprised of one internal team. Credit unions, small and large alike, collaborate with partners, vendors, and other third parties. While you can outsource the service; remember, you still own the responsibility of this critical business practice. Managing risks associated with these relationships is a critical aspect to maintaining a successful operation. While vendor risk management can seem like a daunting task; you should establish processes to evaluate and manage associated risks before entering, during, and even after the vendor relationship ends.