The NAFCU Journal May-June 2020 - 42

INSIDE NAFCU SERVICES

Board Alignment Critical
to Bolstering Valuable,
Intangible Assets
By Randy Salser

O

ne of the many roles a credit
union board plays is setting
and directing standards for
its credit union's culture and
progress in serving members. According to an Ernst & Young survey, the
intangible assets of a company, such as
talent and culture, comprise 52 percent
of a company's market value, and they
can reach 90 percent, a record high and
still increasing. It's a hefty undertaking and responsibility, but a new tool
will make it a bit easier to determine
whether the board members are on the
same page and the credit union is moving in the right direction.

The Board Alignment Assessment (BAA),
created by DDJ Myers, helps boards and
CEOs align on important strategic goals
for their credit unions, as well as the
ways in which they want to achieve them.
This easy-to-use software provides the
board insights as a governing body and
facilitates and strengthens the onboarding of new volunteers.
"Boards need to leverage their strengths,
develop the bench and measure improvement," DDJ Myers Senior Vice President
Peter Myers says. "The challenges of a
self-governing fiduciary body in a highly
regulated industry are only becoming
more strenuous. Credit unions are
looking for new ways to meet and beat
the challenges of tomorrow, and that's
where we want the BAA to come in."
42

In the increasingly complex financial
services world, boards are looking for
better ways to gauge and improve alignment. Credit union volunteers are asked
to look into very challenging questions
within their organizations, and this tool
helps identify areas where they require
more advice and support. The BAA
looks across several best practice areas to
determine interaction and effectiveness
and highlights opportunities, including:
Board committees
Board composition, succession, development
■	 Board information
■	 Board interaction
■	 Board oversight and partnership
of CEO
■	 Board performance
■	 Fiduciary responsibilities
and competencies
■	 Strategy development and alignment
■	
■	

The BAA aggregates participants' anonymous assessments of the entire board's
performance and priorities among vital
board responsibilities. And all it takes
is 30 minutes. The digital survey is
confidential, and credit union boards
and CEOs can review their results
right away in an interactive dashboard.
Boards can repeat it as needed, whether
on an annual basis or during strategic
times, such as a merger, to understand
and measure progress. The display
makes board alignment quickly
and simply apparent in an easy-toread dashboard.
At a time when intangible assets are
extremely valuable to organizational success, measuring and strengthening them
is instrumental to credit union success.
Randy Salser is president of NAFCU
Services.
THE NAFCU JOURNAL  MAY-JUNE 2020



The NAFCU Journal May-June 2020

Table of Contents for the Digital Edition of The NAFCU Journal May-June 2020

The NAFCU Journal May-June 2020 - Cover1
The NAFCU Journal May-June 2020 - Cover2
The NAFCU Journal May-June 2020 - 1
The NAFCU Journal May-June 2020 - 2
The NAFCU Journal May-June 2020 - 3
The NAFCU Journal May-June 2020 - 4
The NAFCU Journal May-June 2020 - 5
The NAFCU Journal May-June 2020 - 6
The NAFCU Journal May-June 2020 - 7
The NAFCU Journal May-June 2020 - 8
The NAFCU Journal May-June 2020 - 9
The NAFCU Journal May-June 2020 - 10
The NAFCU Journal May-June 2020 - 11
The NAFCU Journal May-June 2020 - 12
The NAFCU Journal May-June 2020 - 13
The NAFCU Journal May-June 2020 - 14
The NAFCU Journal May-June 2020 - 15
The NAFCU Journal May-June 2020 - 16
The NAFCU Journal May-June 2020 - 17
The NAFCU Journal May-June 2020 - 18
The NAFCU Journal May-June 2020 - 19
The NAFCU Journal May-June 2020 - 20
The NAFCU Journal May-June 2020 - 21
The NAFCU Journal May-June 2020 - 22
The NAFCU Journal May-June 2020 - 23
The NAFCU Journal May-June 2020 - 24
The NAFCU Journal May-June 2020 - 25
The NAFCU Journal May-June 2020 - 26
The NAFCU Journal May-June 2020 - 27
The NAFCU Journal May-June 2020 - 28
The NAFCU Journal May-June 2020 - 29
The NAFCU Journal May-June 2020 - 30
The NAFCU Journal May-June 2020 - 31
The NAFCU Journal May-June 2020 - 32
The NAFCU Journal May-June 2020 - 33
The NAFCU Journal May-June 2020 - 34
The NAFCU Journal May-June 2020 - 35
The NAFCU Journal May-June 2020 - 36
The NAFCU Journal May-June 2020 - 37
The NAFCU Journal May-June 2020 - 38
The NAFCU Journal May-June 2020 - 39
The NAFCU Journal May-June 2020 - 40
The NAFCU Journal May-June 2020 - 41
The NAFCU Journal May-June 2020 - 42
The NAFCU Journal May-June 2020 - 43
The NAFCU Journal May-June 2020 - 44
The NAFCU Journal May-June 2020 - Cover3
The NAFCU Journal May-June 2020 - Cover4
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