Navigating Tough Questions:  

How to Address Board Members’ Concerns about Financial Performance 

As a credit union leader, you understand that one of your most important responsibilities is to articulate your credit union’s financial performance to the board of directors.  

While this can be a relatively straightforward task when your credit union is performing well, it can be challenging to navigate tough questions when your financial performance is not meeting expectations.

Fortunately, with the right tools and strategies in place, you can effectively address questions and concerns from your board members.  

Streamline Reporting With The Built-in Board/Governance Dashboard  

Peer Suite’s performance-benchmarking features provide built-in dashboards that contain key performance indicators tailored for individual departments and board leaders at your organization.  

These built-in dashboards are designed to give you a quick snapshot of your institution’s financial performance and identify areas where you may need to improve – all without lifting a finger.

Tell A Compelling Story With Comparison Sets That Go Beyond Asset Size 

While comparative performance benchmarking against peers of similar asset sizes can provide valuable insights, it may not tell the complete story.  

Credit unions face unique challenges and opportunities based on factors such as geographic location, field of membership, and business model. By creating custom peer groups based on criteria such as loan portfolio breakdowns or reliance on non-interest income, you can gain a more accurate understanding of your shop’s performance compared to other credit unions facing similar challenges and opportunities.  

Peer Suite helps you quickly build a variety of peer groups to help you tell your performance story more easily . This approach can lead to more meaningful benchmarking, strategic conversations, and a clearer path to improving overall performance. 

Interpret Display Metrics With Help From Ratio Definitions

It’s one thing to have all the metrics and performance indicators you need all in one place. It’s another thing entirely when you can understand how formula and account codes are used, and to see the benefits your can gain by tracking performance in order to answer difficult questions. 

That’s why credit union leaders rely on Peer Suite’s built-in dashboards and ratio definitions.  

This is particularly useful when you’re presenting financial performance data to board members who may not be familiar with financial jargon. By including definitions alongside the data, you can ensure everyone is on the same page when it comes to measuring the success of your institution.

Example Ratio Definition For Peer’s Efficiency Ratio Display

 Performance Analysis From Our Data Experts 

Finally, Peer Suite’s performance-benchmarking tool provides performance analysis from our data experts. Our team can help you identify areas where your credit union is under performing and provide recommendations for improvement.  

This can be incredibly helpful when answering tough questions from board members who may be concerned about your credit union’s financial performance. 

Navigating tough questions about financial performance can be challenging, but with the right tools and strategies in place, it can be done effectively.  

Peer Suite‘s performance-benchmarking tool provides built-in dashboards, star rankings against comparison groups, definitions to better understand what a display measures, and performance analysis from our data experts, making it an invaluable tool for credit union executives. By leveraging these features, you can effectively articulate your credit union’s financial performance to the board of directors and address any concerns they may have. 

Want to learn more about how your credit union could leverage Peer?