Musings from the CU Suite

Written by Anthony Demangone

A year ago, I wrote a blog post about five powerful questions for your board. The post was based on a study by McKinsey.

A recent survey (McKinseyQuarterly.com) of corporate directors found that the "average" director knows far more about their company's finances than they do about risks facing the corporation or the dynamics of the company's industry. 

Their findings are highlighted below:

So, the challenge for boards was to better understand: 1) how value is created; 2) the risks your credit union faces; and 3) the dynamics of our industry.

The survey was conducted with thousands of directors, but it wasn't based on our industry. I've put together a training session based on the McKinsey study which I'd be happy to give to your board.   But enough about that...

So, I need your help again!

I'm conducting a survey to better understand the challenges faced by credit union directors and volunteers.  So, please share the survey to as many credit union officials as you can. 

What will I do with the results?

1. I am writing a credit union director and official handbook. The results will be hugely helpful. The handbook will be unveiled at our Board of Directors and Supervisory Committee Conference next year in Louisville. 
2. At that conference, I'll conduct a special workshop designed to give both new and seasoned volunteers a solid understanding of our industry, their roles, fiduciary duties, and more. It will provide a valuable certification that will show examiners that your board takes their role seriously.

Again, please share the survey with as many folks as you can. The more, the better the data will be.

And as always, many, many thanks.  Holler if I can ever return the favor.