ST. PAUL, MN (June 4, 2013) Enterprise risk management (ERM) is a hot topic among credit unions today, as all institutions strive to improve efficiency and financial performance. By establishing an effective ERM program, a credit union can perform a comprehensive risk assessment that is aligned with its strategic plan, while also developing a standard assessment process.
Ensuring that credit union boards understand their role is also important in ERM programs, and requires board oversight, awareness, or action.
Recognizing the need for enhanced ERM programs, the Minnesota Credit Union Network (MnCUN) recently formed a strategic alliance with Sequoia Vantage. Using a principles-based framework to assess and strengthen board governance and enterprise risk management capabilities, Sequoia Vantage can help credit unions quickly achieve their goals.
“The biggest hurdle with ERM is that so many credit unions don’t know where to begin,” said John Ferstl, Vice President – Network Service Corporation. “Sequoia Vantage can take the mystery out of the process and help you establish or improve your credit union’s enterprise risk management, while also ensuring that the board of directors can effectively handle all of its related responsibilities.”
David Seibert, President and Principal Consultant at Sequoia Vantage, has developed the ERM program at Affinity Plus Federal Credit Union for more than three years. Seibert has extensive experience in risk and governance, and through Sequoia Vantage, is partnering with credit unions to help them become successful and self-sufficient in these areas.
Sequoia Vantage has several core offerings, facilitated on a secure cloud-based platform. These include:
- Free, principles-based diagnostics for credit unions;
- Benchmark studies;
- Workshops;
- Guided assessments;
- Facilitated analysis and prioritization sessions;
- Implementation assistance; and
- Equipping tools and templates.
“We at Sequoia Vantage believe that the present-day world is facing systemic challenges in the relationship among management, boards, monitoring systems and stakeholders,” Seibert said. “There is a better way to govern and manage, and we are committed to addressing this issue through our comprehensive service offerings specifically designed for credit unions.”
For additional information, visit Sequoia Vantage online or contact Seibert at (651) 200-6800
The Minnesota Credit Union Network is an organization representing the state’s 133 not-for-profit cooperative credit unions serving more than 1.6 million member-owners in Minnesota. For more information, visit www.mncun.org.