Janelle Burgoyne, Chief Risk Officer talks Enterprise Risk Management with David
Sep 14, 2022
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Janelle Burgoyne, Chief Risk Officer at SECU, discusses fraud management, risk management training, and creating a specific risk management framework for credit unions. She highlights the evolution of ERM in credit unions, success in managing fraud, challenges in ERM implementation, and the importance of collaboration in credit unions.
Credit unions are progressing in ERM maturity but can still improve compared to banks.
SECU's ERM program focuses on fraud management and aims to create a comprehensive risk management framework.
Deep dives
Challenges and Opportunities for Credit Union Enterprise Risk Management Compared to Banking
Credit unions face a journey in maturing their enterprise risk management programs, as highlighted by Janelle Burgoyne, chief risk officer at CQ. Drawing on her experience from banking, Janelle emphasizes that while credit unions demonstrate great intent in ERM, they still have room to grow in maturity compared to the banking sector. Despite this, the focus on member-centric operations in credit unions presents a unique advantage, aligning with a strategic shift towards prioritizing ERM as a vital strategic investment.
Establishment and Evolution of ERM at CQ Credit Union
At CQ, Janelle inherited an established risk function with dedicated roles covering legal, compliance, vendor risk management, and more. The credit union's risk program entails a focus on fraud mitigation, leveraging both manual processes and AI tools to tackle emerging risks effectively. Janelle's strategic vision includes transitioning the risk focus towards a comprehensive ERM framework addressing risks from different organizational levels.
Overcoming Challenges in Building a Comprehensive Risk Management Program
The podcast discussion underlines the importance of fostering buy-in and educating stakeholders on the positive impact of ERM in organizations. Janelle stresses the need to transform the perception of risk from a negative to a strategic asset driving organizational success. The journey towards achieving a culture of risk awareness involves strategically blending existing training programs with enhancements geared towards embedding an ERM mindset across all organizational levels.
Janelle Burgoyne, Chief Risk Officer at SECU, Maryland's largest credit union, joins David in a conversation about her Enterprise Risk Management Program.
Janelle's extensive background positioned her to make great progress at SECU. We talk about where the credit union industry is in general with Enterprise Risk Management.
Janelle talks with us about fraud management, a particularly strong area of her risk management program. Other topics include risk management training for the credit union and the creation of a SECU specific risk management framework for the credit union.
Janelle welcomes listeners to connect with her on LinkedIn to collaborate or ask questions.
The video version of ERM Perspectives, including this episode, can be viewed on YouTube: https://www.youtube.com/channel/UC8IQFOIwW4ejVc7CbhajPZw
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