What Directors Need to Know About the Finances of Their Credit Union
ByCredit Union Directors’ duties and responsibilities in today’s financial environment are now more complex than ever. At LarsonAllen, we serve over 300 Credit Unions and CUSO organizations as a nationally known leader providing audit, IT security and consulting services. Today’s Credit Union volunteers have to be able to focus on significant strategic financial trends and results in order to monitor and mitigate risk to their credit unions. Financial literacy training is designed to help you focus on key financial data related to the latest trends and strategic direction.
Recently financial institutions, including Credit Unions, have been under tremendous operational stress. However, even in these tough times, Credit Unions have the ability to make strategic advances and prosper if Directors focus on important financial metrics. Don’t get lost or overwhelmed with financial data; learn how to identify data that measures expected results. Improve your ability to interpret results and spot relevant trends that will improve your strategic planning abilities.
Directors can improve their Credit Unions by knowing where to look in the market for emerging trends, and how to relate those results to operations. LarsonAllen encourages and provides regular updates on emerging trends, standards and compliance changes. Directors should also be aware of essential risk programs, control programs and regulatory initiatives that rate a Credit Union’s financial strength and flexibility, we’ll concentrate on your understanding of how these programs affect and relate to your financial statements and performance.
