Provided by CUNA Mutual Group
Employee or director dishonesty accounts for more than half (56%) of credit union losses in terms of dollars paid within the Bond policy. And, lack of internal controls and oversight are significant issues contributing to the losses.
Ensure your credit union is ready to rise above your risk.
Having the right controls in place, in addition to knowing how to detect internal fraud, is critical to your loss mitigation success. Review these resources to help your credit union prepare:
- Watch this short video (3:04) to see real-life internal loss scenarios and understand key mitigation tips.
- Review the 5 Internal Controls Commonly Overlooked and 5 Internal Controls Common Risk Themes (User ID / Password required) to see trends that have made internal fraud a loss leader with credit unions.
- Knowing what to look for can help you minimize these long-tailed losses. Review these warning signs (User ID/ Password required) to help you identify employee wrongdoing.
To discuss how to identify risk, mitigate losses, and receive insightful resources and tested practices, contact CUNA Mutual Group’s Risk & Protection Response Center at 800.637.2676.