By Lisa Hochgraf
During CUES Advanced School of Risk Management in Boston, John Bugalla talked about the necessary qualifications of a risk management "expert." Bugalla is principal of ERMinsights, Indianapolis.
Bugalla cited National Credit Union Administration rule 704.21, which says credit unions must establish an enterprise risk management committee, and that this committee must include at least one "risk management expert." NCUA requires that this expert "will have post-graduate education; an actuarial, accounting, economics, financial or legal background; and at least five years experience in identifying, assessing and managing risk exposure."
The NCUA rule goes on to say that the committee's risk management expert must have experience "commensurate" with the size of the credit union and the complexity of its operations, and can be a consultant.
"Have you ever met such a person?" Bugalla probed the attendees, who included CEOs; SVPs and VPs of risk management, finance, technology; and compliance managers/risk officers.
A long-time expert in risk management himself, Bugalla encouraged attendees to develop (and establish) their growing risk management expertise by seeking to get articles on the topic of risk management published.
He offered to partner with attendees in this endeavor--and, as an editor, I said I would find a way to publish what any takers and Bugalla come up with.
I'm also interested in publishing articles by non-attendees with expertise in ERM on topics including the successes and failures they're having at their CUs as they implement what they know. If you're interesting in writing, please email me, or describe your article idea in the comments.
Lisa Hochgraf is a CUES editor.
Read enterprise risk management articles from CUES' Credit Union Management magazine.
