Convention Coverage: Ancin Cooley Leads Two Breakout Sessions: What Your Audit Reports are Telling You and Setting Your Risk Appetite

ATLANTIC CITY, N.J. – Founder and Principal of Synergy Credit Union Consulting, Inc., Ancin Cooley, spoke with Convention attendees Monday afternoon and Tuesday morning in two breakout sessions about how to achieve the most desired risk management results by understanding the information provided by auditors and consultants, and about developing a risk management program around your credit union's own risk appetite.

In his first breakout session, Cooley’s discussion was driven toward Supervisory Committee members by discussing their roles and responsibilities, the techniques that can be used to improve communication with management, regulators and auditors, and how institutions use project management approaches to correct audit and regulatory findings.

With over ten years of industry experience, Cooley went over how to understand elements of different audit reports, including, IT, compliance, internal audit, examiner reports, and loan review reports. He also discussed what questions to ask when analyzing each one.

In his second breakout session, Cooley discussed how setting a risk appetite for your credit union is a way to look ahead at what your credit union desires in a risk profile with a variety of scenarios and establishes a process of achieving that profile. Things to consider are the level of risk your credit union is willing to take on and how that should be decided. Cooley also mentioned defining roles and responsibilities in the areas of monitoring and assessment to ensure the risk profile stays within parameters. There’s a variety of challenges that face credit unions face today. Cooley discussed how facing these challenges will require proper communication.

According to Cooley, there are five steps to implementing the process of setting your risk appetite:

  1. Understand your individual risk appetite
  2. Survey the board
  3. Develop a risk appetite statement
  4. Create limits and policies that reflect your appetite
  5. Monitor

Cooley’s presentations, as well as other speaker presentations, are available for download the NJ CU Convention Web site.