Rachel Guyselman, VP of Risk & Compliance at Credit Union 1 Alaska, discusses the play between compliance and business operations in risk management. She highlights the importance of engaging with area leaders, building a strong risk management committee, and receiving support from the board and CEO. Additionally, she talks about the unique challenges of serving Alaskan members and the power of networking for ERM programs.
Balancing compliance with business growth is crucial for effective risk management.
Regular stakeholder involvement and updating key risk matrix enhance ERM program effectiveness.
Deep dives
Rachel Geiselman's Career Journey in Credit Unions and Risk Management
Rachel Geiselman shares her career path in credit unions, starting from a small community bank to her current role as the Vice President of Risk and Compliance at Credit Union 1 in Alaska. Her experience highlights the importance of understanding front-line operations and compliance, leading to a passion for balancing compliance with driving business growth.
Development and Structure of Credit Union 1's ERM Program
Credit Union 1's ERM program, led by Rachel Geiselman, focuses on stakeholder involvement and regular risk assessment meetings. The program, transitioning from external to internal management, emphasizes updating the key risk matrix every six months and quarterly risk management committee meetings. The holistic approach covers all aspects of the credit union.
Unique Challenges and Strengths in Serving Alaskan Communities
Serving unique Alaskan communities poses challenges such as dispersed locations and adapting lending models. Credit Union 1 navigates these challenges by understanding members' needs and involving stakeholders from different business areas. The credit union's strength lies in embracing the cooperative spirit and working closely with the board to set risk appetite statements aligned with strategic objectives.
Rachel Guyselman, Vice President of Risk & Compliance at Credit Union 1 Alaska, joins David in a discussion about Enterprise Risk Management.
Topics include:
- The play between what is compliant versus how to run the business, and how this translates to risk management - Meeting with area leaders regularly to discuss risk and concerns and open-ended topics to update the key risk matrix - The risk management committee and the ERM interactions with the board - Strong support from the board, the CEO, and supervisory committee and how this assists Rachel and the ERM program - The uniqueness of serving Alaskans as members in areas like real estate lending and providing basic financial services - The power of networking with others to help you with your ERM journey and Rachel's recommended networking communities