Some risks are predictable; some seem to fall out of the sky with little warning. Right now, the entire world is dealing with the results of a risk that was actively warned about over a period of years — yet was still very much a surprise to many.
The enormity of the economic fallout from the coronavirus pandemic highlights the dangers of complacency and the absolute necessity of always looking further down the horizon at what might be coming next.
Credit unions, banks, and finance companies can’t protect against every risk — we simply can’t know the future. But other vulnerabilities give plenty of warning signs, if only we are paying attention.
In late 2019, we interviewed a group of risk mitigation professionals from credit unions around the U.S. about what they look for, how they plan, and how they take action when it comes to risk in their institutions. Although an economic recession is now a matter of reality rather than speculation, the insights they shared with us are more relevant than ever.
Download our 4-part article series based on these risk mitigation interviews for insights that can help you protect your own credit union in both good times and difficult ones.