The security/risk management function of the credit union should report to
the board at least annually. This fast-moving program focuses on what issues
should be reported to the board about physical security. Don’t let the industry
standards stated in the NCUA letter 02-CU-12 take your credit union by surprise.
This webinar will discuss what steps you should be performing to protect the
institution in a lawsuit.
The NCUA’s 12 CFR Part 748 only provides a
broad guideline of what your credit union’s physical security program should
achieve. Many credit unions are satisfied if the NCUA doesn’t take issue with
the credit union’s security program. However, don’t wait for a lawsuit against
the security officer, management, and the board (both jointly and individually)
to learn the report was missing key items. Information that could help during
litigation is very different than what regulators examine for compliance.
- How to report foreseeable events that could
bring criminal liability against the board
- Information that should be
reported to the board annually
- How to present major problems to the board
with limited time
- Why the security officer should report to the board in
- New technology such as interactive teller machines that may present
physical security problems
Barry Thompson, CRCM, Thompson Consulting Group, LLC