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ERM Program Assessment Questionnaire

This questionnaire can be completed in as little as five minutes. 

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Question 1 of 9

Elements Currently in Place at Your Credit Union

(Select all that apply)
A

Risk Management Policy

B

Enterprise Risk Management Framework

C

Risk Management Committee (Board, Management, or both)

D

ERM Plan with a roadmap for the future

E

Documented risk management roles and responsibilities

F

Documented Risk Management terms & definitions

G

Documented risk management segregation of duties (risk taking, risk reporting, risk management)

H

A written risk appetite that has been discussed and approved by the board

I

None of the above

Question 2 of 9

Risk Culture

(Select all that apply)
A

The President & CEO embraces the need for ERM and provides adequate endorsement for the ERM program

B

Senior management and the board have a clear understanding of ERM

C

Senior management views ERM as an important strategic tool for the credit union

D

The board sets aside agenda time at least 4 times a year to discuss the credit unions' most significant risks

E

None of the above

Question 3 of 9

Risk Identification

(Select all that apply)
A

The credit union engages in efforts to identify its most important risks at least annually

B

The credit union engages in efforts to regularly scan the environment to identify unknown, but potentially emerging risks

C

Risks are described in terms of what would affect the achievement of objectives, rather than simply a failure to meet objectives

D

The ERM process links identified risks to the credit union’s strategic objectives

E

Risks to strategic objectives are identified during strategic planning activities

F

Rather than identify risks by traditional risk categories, risks are identified for each strategic objective/priority.

G

None of the above

Question 4 of 9

Risk Assessment

(Select all that apply)
A

The credit union has well-defined risk rating scales for both likelihood and severity of risk

B

The credit union has one or more approved risk assessment methods for assessing risks

C

Senior management or a risk management committee has reached consensus on the top risks facing the credit union

D

The board has concurred with management’s assessment of risk

E

None of the above

Question 5 of 9

Risk Response

(Select all that apply)
A

The credit union has identified a risk owner for each assessed risk

B

Assessed risks all have a documented risk response (mitigate, accept, avoid, etc.)

C

Risk responses and risk response plans are reviewed and approved by senior management or the risk management committee

D

The credit union re-valuates its risk responses when the environment changes and at least annually

E

None of the above

Question 6 of 9

Risk Reporting

(Select all that apply)
A

The credit union has a continuously updated and documented risk profile (How much risk does the credit union have? What type of risk is it? Where is the risk? How is it trending?), or "Dashboard" that can be shared with management, the board, and regulators

B

The credit union has developed and monitors Key Risk Indicators

C

Senior management and the board are appraised of new significant risk, significant changes to existing risks, and the progress of risk response plans

D

None of the above

Question 7 of 9

Integration with Strategic Planning

(Select all that apply)
A

The credit union’s risk profile is an important input for the strategic planning process

B

Senior management links the top risks to strategic objectives to determine which objectives face the greatest number of risks and to determine which risks impact the greatest number of objectives

C

The senior executive with explicit responsibility for ERM is actively engaged in the strategic planning process

D

The credit union’s strategic plan is communicated to employees so that they can understand how their actions can create or prevent risks to the achievement of strategic objectives

E

None of the above

Question 8 of 9

Assessment of ERM Effectiveness

(Select all that apply)
A

Senior management regards ERM as an ongoing process rather than just a project

B

Senior management and the board have engaged in ERM related training or other ERM knowledge enhancing activities

C

The credit union periodically obtains an objective assessment of its ERM practices

D

The credit union evaluates risk events that have occurred to better understand why the risk occurred and whether there were failures in the ERM process

E

Adequate resources have been dedicated to support the ERM program

F

None of the above

Question 9 of 9

Optional: Use this space to provide additional information relevant to the assessment of your ERM program.

Note: Answer with "N/A" if you have no additional information.

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