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Lessons Learned Series

White Paper – Risk Culture: A Foundation for Effective Enterprise Risk Management

This paper provides credit unions’ management and boards of directors with an overview of how a strong risk culture is the cornerstone of an effective enterprise risk management (ERM) program.

It highlights how the elements of an ERM framework are interconnected and how risk culture is key to achieving the medium and long-term strategic goals and objectives of an organization.

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Mergers: Part 1

Consolidation in the credit union sector is increasing every year and this paper is designed to help credit unions understand the initial steps of exploring a merger.

It encourages important discussions about whether a merger is the right choice for your credit union. This resource prepares your credit union to approach the merger process with confidence, ensuring you’re ready to evaluate opportunities effectively.

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Mergers: Part 2

While every merger has unique features, the series outlines the common steps in the process most mergers will (or should) follow and addresses some of the “I wish I had known” elements that past merger participants have highlighted. This is the second in a series of four papers sharing lessons learned in the credit union merger process.

This paper explores the planning process including engaging employees, members, and other key stakeholders. It also takes a deep dive into the due diligence phase looking at all aspects of your merger partner(s).

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Mergers: Part 3

This is the third in a series of four papers sharing lessons learned in the credit union merger process.

This paper carries on with the lessons learned around developing the new credit union’s business case, submitting regulatory applications, and navigating the member vote.

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Governance & Board Effectiveness

This paper examines how effective governance is crucial for a healthy credit union. It reviews the connection between governance and bank failures in 2023 and what it could mean for the credit union sector, it explores the link between effective governance and organizational culture, and shares practical “dos and don’ts”.

The paper concludes with a case study on Stabilization Central’s own governance journey, providing valuable insights for credit unions.

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AML & Counter-Terrorist Financing

This paper aims to provide guidance for how credit unions can effectively manage anti-money laundering and counter-terrorist financing.

It highlights key takeaways, and offers detailed guidance on addressing vulnerabilities in existing CU programs while also examining evolving regulatory expectations. As regulatory requirements grow increasingly complex, credit unions must stay proactive and adapt to ensure their compliance while continuing to innovate and meet member needs.

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Three Lines of Defense

This paper discusses the importance of risk management and the Three Lines Model for credit unions. It emphasizes that each credit union must consider its strategy, size, and risk appetite to implement effective risk management practices.

The paper outlines the roles and responsibilities, highlights best practices, and details current regulatory expectations. It also underscores the need for credit unions to continuously review and evolve their risk management practices.

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Commercial Lending

This paper explores the growing significance of commercial lending for credit unions highlighting their role in supporting small and medium-sized businesses.

The paper discusses the different aspects of commercial lending, including specialized options like construction financing and loan syndications. Insights are shared on common regulatory issues and offering guidance for effective risk management and governance practices.

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Intervention & Remediation Process

The paper aims to clarify the intervention stage rating (ISR) and the regulatory remediation process in BC, providing insights for board directors and senior management on what to expect.

It offers best practices and practical tips for navigating these challenges, highlighting how credit unions can leverage the regulatory intervention process to emerge stronger, drawing on Stabilization Central’s extensive experience in this field.

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