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Guest Editorial by Edward Vincent, Chief Executive Officer, Lumio Solutions
On Monday, August 26, 2024 a leading Credit Union online news publication, Finopotamus.com "Fintech News for Hungry CUs" featured Lumio Solutions CEO, Edward Vincent's article titled, "Credit Unions Should Foster a Proactive Risk Culture to Drive Shareholder Value." The article outlines how credit unions must move beyond traditional risk management practices to stay competitive. Ed offers some guidance around the crucial steps needed to foster a proactive risk culture that can enhance shareholder value. Some of the key takeaways include:
- Proactive Risk Culture: Shifting from outdated, siloed risk management to a proactive, enterprise-wide risk culture.
- Top-Down Leadership: Senior leaders must set the tone by integrating risk management into decision-making processes.
- Key Drivers: Establishing a strong risk culture through top-down approach, accountability, effective challenge, incentives, and visibility.
- Transforming Perceptions: Risk managers should be seen as enablers, collaborating with leadership to align strategy and risk management.
- Leveraging Technology: Utilizing technology and key risk indicators (KRIs) for effective risk monitoring and decision-making.
- Future Focus: Optimizing risk management to enhance shareholder value and scale risk expertise.
Read the full article on Finopotamus.com
About the Author
Edward "Ed" Vincent is the CEO of Lumio Solutions, a financial technology services firm and the provider of Lumio Solutions, The Holistic Risk Intelligence Platform™. He has more than 25 years of experience leading financial technology SaaS organizations, building services and analytics teams, defining and implementing content and product strategy, and innovating products in the insurance, capital markets, investment banking, private equity, and compliance segments. He also is the host of an educational podcast series call the Risk Intel Podcast where he features weekly episodes interviewing industry risk experts from across the financial services industry.
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