Michael Monester - June 2017
Your Board recently completed the annual Strategic Planning Session (SPS) together with the Executive Management team. The purpose of the SPS is to undertake a process that informs our strategic priorities having regard to the environmental, economic and financial outlook for the coming period and any other material influences determined from detailed research and experience.
Our focus is to ensure we are well positioned to identify and implement key strategies to remain a strong and resilient financial institution for our Members. Our chosen strategies are considered within the focus of sound research, benchmarking, planning, development and implementation capability, and controls.
Prior to the SPS we take into acount a broad range of information and an analysis of the economy and any regulatory issues that may impact our banking environment. This includes benchmarking analysis and an assessment of a broad range of key performance indicators including financial, human resources, marketing, technology, and Member satisfaction.
While much of the above is also discussed throughout the year, we also need to take the time to ensure we have the flexibility to re-prioritise our activities due to what we see are dynamic and constant changes in the external environment and our own operating environment.
We also reflect on our people, and their capabilities, on our culture, on processes and efficiencies; our purpose and values; and that we well placed to serve the interests of our Members. To ensure we are always looking forward, we also review our financial outlook and reassess our risk profile.
I find the SPS a profound opportunity to dedicate a planned period during which the Board and Executive Management have the time to reflect on our operating environment.