Impact of Covid-19
Covid 19 has upended normal life as we know it. Apart from a gigantic impact on the economy as a whole, the pandemic has also put the future of credit unions at risk. In this article, we’ll be examining the impact of Covid 19 on credit unions, steps to manage the impact, and a quick checklist for credit unions to manage risk in uncertain time
“Compliance management is the process by which managers, plan, organize, control, and lead activities that ensure compliance with laws regulations & standards.” With the consequences of failing to comply with laws, regulations, and standards having such a high potential cost, compliance is clearly a very big issue for businesses.
Enterprise Risk Management has been gaining relevance in today’s time due to the dynamic nature of regulations and a competitive market environment. Risk management internal to the company is where the majority of companies are focusing on which special emphasis on optimizing internal controls and processes. However, the major party of enterprise risk management is vendor risk. Managing multiple vendors, suppliers and partners are now difficult. With shrinking margins always the concern for corporates, companies can only focus on optimizing its costs in which effective vendor management plays an important role.
