What drove Grow Financial to rethink their Risk Management Process?
The National Credit Union Association (NCUA) is urging credit unions to become more involved in enterprise risk, a long-lasting effect that has been in place since the 2008 financial crisis. We recognized that our ERM process was more of a check-the-box exercise rather than working as “a cog in the decision-making process”. Our team required more insight into what’s happening in our 30 departments, as well as create an organizational understanding of enterprise risks — and be able to do that quickly.
How were you managing your risk program before Resolver?
We were leveraging a homegrown product; I would actually classify it as an advanced Excel spreadsheet. It got the job done, but that was about it. We are looking for vision. We learned how to crawl — now we need to walk and eventually run. Our homegrown solution couldn’t support us in that.