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An enterprise performance management system can be a powerful tool in helping credit unions achieve better financial performance, mitigate risk, achieve profitability and reward employees. An EPM system should be a credit union’s central reporting and analytics tool for financial and operational performance, as it can culminate data across the entire institution (including data surrounding loans, deposits, employees, payroll, etc.) versus just a GAAP income statement. As such, an EPM system is not a large data warehouse, but rather a single source of financial truth that a credit union can leverage to evaluate and report on the institution’s performance.

Credit unions of all sizes are implementing EPM systems to report and forecast results and profitability, and with today’s technology, it is easy to develop a system that will dissect an institution by segment, branch product, officer and member. However, the challenges that many credit unions often face is a case of information overload when it comes to evaluating its data and reporting needs and how to manage the implementation process.

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