GRC lessons learned from the Titanic


first_img continue reading » 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The demise of the “unsinkable” Titanic serves as a timeless lesson to credit unions about potential pitfalls they might not see coming, says Michael Rasmussen, principal of GRC 20/20 Research.Credit union governance, risk, and compliance (GRC) provides a framework for diligently monitoring a multiplicity of influences that could disrupt sound operating models and strategies—an approach that might have prevented one of history’s most famous disasters.“The analogy here is that we are complicated business with many working parts, and their many areas where things can go wrong,” says Rasmussen, who addressed a general session at CUNA’s Governance, Risk Management, and Compliance Leadership Institute in Denver. “We need to see the big picture and the interconnectedness of risk.”The Titanic was hailed as unsinkable; prior to its tragic maiden voyage, captain E.J. Smith stated, “Never in our history have we harnessed such formidable technology.”last_img read more