CU board members need a higher level of skills and knowledge than ever before.

The demands on credit union boards have never been greater. Many board members view their position as a sinecure that brings both recognition and perks. But they may have not kept up with their skills, which puts them at a disadvantage in executing their responsibilities of identifying strategic opportunities and succession planning. The smartest credit union directors are fully engaged on issues of the day including strategy, technology, director recruiting, board assessments and creating learning cultures that lead to board optimization.

Expectations of board members are increasing. The business environment is rapidly evolving and industry disruption is affecting all organizations. Directors must stay abreast of business trends to make sure management is up to the task. Knowledge and relevant experience are gating factors for oversight of management efforts. Furthermore, when new technologies are constantly emerging that can totally rewrite your business, the days of thinking of strategy as an annual, “review-and-concur” event are over. Waiting for an annual retreat means missing the threats and opportunities.

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