Tech Time: Top IT management worries CEOs must address in 2020

Due to a rapidly changing technology, security and compliance landscape, it is critical for top leadership to address a host of IT management issues.

The role of the chief executive officer has changed drastically over the past decade. Where CEOs once focused on such traditional duties as running the credit union and overseeing operations, they are now responsible for the overall health of the financial institution, which requires a deeper understanding of regulatory requirements, technology issues and even personnel and staffing challenges. To provide effective oversight of all operations and procedures, CEOs must focus on three key IT management issues to ensure their institutions continue to grow and are successful in the new year: efficiency and effectiveness, reducing risk, and gaining a competitive advantage.

1. Efficiency and Effectiveness

People: Successfully attracting and retaining top talent is key to running an efficient and effective financial institution. Credit unions often spend time and effort recruiting and training staff only to lose them to more competitive salary opportunities in the market. While credit unions are accustomed to planning for the departure of the CEO, president or other senior executives, the critical and pervasive nature of technology is leading many institutions to expand succession planning to include other key personnel as well.

 

continue reading »