Credit Union Industry

OCC Stresses Importance of ERM in Vendor Risk Management

On October 30, 2013 the Office of the Comptroller of the Currency (OCC) published a bulletin to the CEOs and CROs of all national banks stressing the need for an enterprise risk management approach to vendor risk management. In the bulletin, entitled, OCC: Third-Party Relationships: Risk Management Guidance, the office recognizes, “integrating the bank’s third-party…

monitoring risk

How to Effectively Monitor Risk & Controls: Testing vs. Metrics

In today’s organizations, risk managers are tasked with the responsibility of effectively monitoring risk.  They need to know what to monitor and how to determine if mitigation activities are effectively preventing risks from materializing. Traditionally, organizations monitor activities through Control Testing, but this provides little more than a false sense of security for organizations. A…

COSO ERM framework update

A Quick Guide to COSO Internal Controls 2013 Changes

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its COSO Internal Control – Integrated Framework document all the way back in 1992 to assist publicly traded organizations adhere to the Sarbanes-Oxley Act (SOX) Section 404. COSO considers internal controls to be an integral part of enterprise risk management (as does LogicManager), and as…