Credit Union Exam Solutions Presents With Flying Colors
What NCUA Really Wants to See in Your Board Reports with Todd Miller
Nov 18, 2024
In this discussion, Todd Miller, a former NCUA employee with 34 years of experience, shares invaluable insights into effective board packages for credit unions. He emphasizes the balance between what boards need versus want to know, highlighting the importance of clear, concise reports. Todd discusses quantitative and qualitative reporting, suggesting dashboard summaries for easy interpretation. He also touches on aligning strategic plans with board reporting and the necessity of transparency for compliance and informed decision-making.
34:39
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Quick takeaways
- Effective board packages must balance essential compliance information and strategic insights to support informed decision-making by credit union directors.
- Both quantitative and qualitative reports are crucial, with quantitative data presenting key performance indicators and qualitative narratives contextualizing emerging risks and opportunities.
Deep dives
Importance of an Effective Board Package
An optimal board package is essential for the board of directors to make informed decisions regarding the credit union's operations. The package should reflect the governance culture of the credit union and ensure compliance with laws and regulations. Notably, boards often falter due to being misinformed about the credit union's risk position, which can lead to operational difficulties. A well-structured package provides board members with the necessary information to effectively oversee strategic planning and risk management.
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