New Year’s resolution: Find your true north
In a changing economic environment, this guiding framework helps institutions determine where they want to go and how to get there.
Several years of working with credit unions in conservatorship has honed the enterprise-assessment skills of Jane Dobbs, CEO of Canyon State Credit Union($196.9M, Phoenix, AZ). Through the challenging work, the leader has developed a process that helps financial institutions move toward their True North — a strategic statement that describes an ideal condition the credit union is striving to achieve and serves as a compass that guides how the team will get there.
One thing Dobbs has learned in her years in the industry is that even credit unions that appear in good shape on the surface can be in trouble if they don’t have a clear vision of what they are or want to be.
“The call report tells many stories,” says Dobbs, drawing from personal experience.
Dobbs joined Canyon State in September 2013. Her review of the credit union’s call report during her recruitment phase led her to believe the cooperative had some challenges but was healthy overall. However, on her first day, she learned the entire real estate department had just resigned. The new CEO needed to figure out why and fix the root issue — fast.
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