PLANO, Texas–The Cornerstone Credit Union League has introduced for its member CUs the Strategic Assessment Initiative, or SAI.
The SAI is a self-assessment tool that credit unions can use in conjunction with their most recent examination report. The tool is designed to help the user identify areas of need and lead them to the appropriate resources, including potential new product and service opportunities, the Cornerstone league said.
“This online tool will provide a snapshot of financial performance and allow credit unions to compare their ratios to peers,” the Cornerstone league said. “This site also offers an insightful presentation titled, ‘How to Impact Key Ratios.’ The presentation provides industry standards for 11 ratios that address the key financial areas of capital, asset quality, and earnings and addresses the factors that adjust the outcome of each ratio.”
In addition, the Cornerstone league said, the Strategic Assessment Initiative offers a robust library of resources credit unions can utilize to enhance their operational effectiveness. The library is categorized into eight critical focus areas: financial, lending, compliance, human resources, business continuity, technology, marketing, and volunteers. Within these categories, credit unions have access to numerous resources, tools, educational opportunities, and vendor information, according to the CCUL.