Central 1's Cooperative Risk Solutions Department has evolved along with the rest of the company in providing services to credit unions in B.C. and Ontario. Risk Management has two primary components, risk control and risk finance and the department has been active in both areas.
Risk Control involves identification of operational risks facing credit unions, identification of solutions and delivering those solutions to mitigate or prevent losses. Losses can be prevented with solutions for enhanced security and enhanced monitoring and procedures to address fraud and litigation risks.
Security solutions, provided by Central 1's Cooperative Risk Solutions Department, include the following services:
Central 1 administers the BC Master Bond Program for Stabilization Central Credit Union. Crime-related losses-burglary, Robbery and theft (including employee dishonesty), as well as computer crime, counterfeit money and securities, extortion and forgery. Insures money order and plastic card issuers, money and securities in transit, insurance against damage or destruction of money and costs associated with record reconstruction, signature guarantees, trauma counseling, audit and defense expenses.
- On-line Risk Management Manual and Training Modules.
- Anti-Money Laundering and Terrorist Financing compliance consulting and audits, plus money laundering prevention resource.
- Manages the operation of CUPP Services Ltd., a captive insurance company owned jointly by Central 1 Credit Union and all BC Credit Unions. Coverage provided under two programs to participating insureds:
Master Property Insurance Program provides protection against property, liability, financial, and workplace violence losses through multiple coverages.
Professional Liability Insurance Program protects against directors and officers of credit unions and their subsidiaries against personal liability claims arising out of alleged wrongful acts. Covers credit unions, insurance agencies, mutual funds sales, and any other named subsidiary for errors and omissions claims, and also provides employment practices liability protection.
Manages the Key Person Group Liability Insurance program for participating credit unions.
Central 1’s Fraud Alert Service provides national loss prevention
services that alert credit unions to potentially compromised cards and INTERAC
e-Transfers®. We act as the liaison between INTERAC® and credit unions to
minimize fraud losses on INTERAC® payment channels and expedite fraud alert