Strict regulations are on the horizon
You may have already heard …or maybe you’ve found out the hard way… Auditors are cracking down and enforcing stricter regulations when it comes to Strategic Technology Planning.
Some of the Red Flags we’re seeing:
- Teams whose IT department functions separately from the rest of their business
- 3-5 year plans that are not well-defined
- Teams not working cohesively towards a set goal(s)
- Just making do with whatever current systems are in place now
- When it’s been a while since the team looked outside of the day-to-day workload
- Maybe a credit union who doesn’t currently have a plan in place at all
- Technology vendors who aren’t proactively involved in the partnership
If any of these sounds like you, your credit union may be facing some findings on your next audit.
You’re not alone
Credit unions across the country are crossing their fingers and hoping their strategies are strong enough to avoid findings on their exams. If you want to feel better prepared but are unsure of where to start…
As simple as it may sound, begin with a self-assessment.
Ask yourself – and your leadership team – questions like:
- Are we operating at our peak capacity?
- Are we providing all of the technology our members need?
- Are we aware of the strengths and weakness of our current systems?
- Are the future goals for our credit union clear?
- Are we all working towards the same goal?
- Do we currently have a Strategic Technology Plan that being implemented well?
Pay close attention to the areas in which your responses are “no.” Ask each other “Why?” and “What can we do to improve/fix this?”
Make it a priority to address the issues you uncover in these conversations. Don’t wait! These strategic plans take 4-6 months from beginning to completion. Make sure you’re giving yourself and your team enough time to find the best solutions for your members.
Pro Tip: Start early! Plan to kick off your Strategic Technology Planning project in the beginning of January.Let our experts guide your credit union through efficient strategic assessments and planning sessions.
Prefer a more hands-off approach?
We’ve got your back!
We are already busy helping credit union teams just like yours develop Strategic Technology Plans and ace these audits.
It doesn’t matter how far you are in your technology planning, we’re ready to help you:
- Identify gaps
- Assess your strategic goals
- Prioritize your technology needs
- Evaluate your current systems
- Implement a new Strategic Technology Plan
- Know where you’ll be in 3-5 years
- and more!
