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Financial Literacy Part 1: How to Identify 7 Credit Union Risks Using Financial Statements

Jun 08 2:00 PM - Jun 08, 2021 3:30 PM
Jun 08, 2021 2:00 PM - 3:30 PM
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According to the NCUA, directors have an obligation to understand their credit union’s financial condition. Newly elected directors have six months after election to become financially literate.* Attend Part 1 of this two-part series and you’ll be well on your way to understanding risks and how to identify them on your CU’s financial statement.

* (While this regulation applies to federally chartered credit unions, the information presented will benefit state-chartered credit unions as well.)

Learning Objectives

  • Understand key financial literacy components of your CU’s financial condition
  • Identify the seven major credit union risk components and discuss how they interrelate
  • Decipher your CU’s financial statements and understand how risks are identified

Everything a credit union does to serve its members exposes it to some kind of risk. Whether collecting loans, investing excess funds, providing electronic services to members, etc., risk is everywhere. Part 1 of this two-part series will explore how risks can be identified just by reviewing your credit union’s financial statements. Join us to gain a better understanding of the risks and how to identify them. 



Bryan W. Mogensen, CPA, CLA

Bryan Mogensen is an assurance principal at CLA in Phoenix, AZ. With CLA since 1995, Bryan has gained extensive experience on audit and consulting engagements during 25 years of public accounting and has devoted the last 28 years specifically to credit union industry clientele. Bryan serves as leader of CLA’s Western region credit union and credit union employee benefit plan audit practices. His background includes overseeing and managing audits of CUs, CUSOs, profit sharing plans, 401(k) plans, defined benefit plans, and employee and group health plans.

Bryan frequently has national speaking engagements and is a licensed CPA and a member of the AICPA and ASCPA. He received a bachelor’s in Business Administration with emphasis in accountancy from the University of Wisconsin-Milwaukee.




Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Financial Education & Community Outreach