In a rapidly evolving business landscape, where regulatory requirements, stakeholder expectations, and organizational challenges are constantly changing, a regular self-assessment becomes essential for credit union boards to maintain their relevance and impact.
A board self-assessment empowers the board to evaluate its effectiveness, identify areas for improvement, and enhance overall governance and performance in the following areas:
- Board structure and composition
- Leadership and culture
- Organizational performance
- Financial oversight
Benefits:
- Enhanced Governance: Identify governance gaps and areas where board practices can be enhanced, leading to more effective decision-making and oversight.
- Improved Communication: Gain insights into board member strengths, weaknesses, and working styles, leading to better collaboration and communication.
- Strategic Alignment: Evaluate the board's alignment and ensure that decisions are consistent with the credit union's mission.
- Accountability: Hold individual board members accountable for their roles and responsibilities and promote a culture of ownership and dedication.
- Risk Mitigation: Identify weaknesses in governance processes in order to proactively address risks and vulnerabilities.
Key Components:
- Preparation: Board members receive information about the assessment's purpose, methodology and expected outcomes.
- Survey: Board members complete a structured survey that covers various aspects of board performance.
- Confidentiality: To encourage open and honest feedback, the self-assessment process is conducted anonymously.
- Report and Facilitated Discussion: Following the completion of the questionnaire, CUES provides a report and facilitates a discussion, allowing board members to share their perspectives, elaborate on their responses, and collectively identify areas for improvement.
Governance experts recommend conducting and assessment at a minimum of every other year. If you have not taken an assessment in the past year, now is the time! Help your credit union board thrive, purchase now. Questions? Contact CUES at 800.252.2664, or email pands@cues.org. In Canada, call 604.347.7097.
Consultant Biographies:
Dr. Roch Parayre is Founder and CEO of strategy consultancy Strateguique and a Teaching Fellow at the Wharton school. He speaks, consults, and facilitates sessions around planning and strategy, innovation, decision making, and strategic leadership.
Taras Nohas of TN Governance and Strategy is a management consultant with expertise in board governance, strategic planning, performance measurement, and government relations. He provides assessments and policy review in addition to on-site facilitation and planning.