Good Governance: What you need to know about assessments
Solid financials aren’t necessarily a sign of a high-performance board.
We don’t know what we don’t know. It’s such an obvious thing to state, and yet we would suggest this simple statement of fact may be the key to the future of your credit union.
Often our clients approach us with a sense that although their credit union has a healthy balance sheet and continues to grow its membership and assets, there is something they could be doing better–that their board and committees could be more effective in the work they do on behalf of the credit union. Without an obvious or discernible problem, they just can’t put their finger on it. Maybe it is time to “take stock” or assess. Remember, the fact that your credit union is doing well doesn’t mean that your board is following suit.
In our experience, a number of situations may be opportune for doing an assessment, including:
- When a new chair or CEO comes on board. Fresh ideas can get caught up in a web of procedure. Clarity and understanding of best practices and why they are in place makes getting to the heart of matters more efficient and ultimately more productive.
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