Given the very competitive landscape in which Victoria Teachers Mutual Bank operates it is important that the Board devotes a significant part of its time to strategic thinking and planning.
In addition to time applied during monthly Board meetings to specific initiatives, the major focus on strategic issues occurs at our annual Strategic Planning Session (SPS) held over two days in March each year. This focus is supplemented by three Strategic Information Sessions held each year.
At the SPS it is usual for the Board to receive information or briefings from external consultants on the macroeconomic environment (present and future) from our Customer Owned Banking Association Executives, and from specialists in specific areas such as Communications and Digital Technology.
A review is carried out of the current Strategic Vision and Business Plan with discussion focusing on our objectives, strategic themes and specific projects, for example membership, digital roadmap, loan origination and capital.
Following extensive discussion, the Board then seeks agreement to a Three Year Strategic Vision, analyses various scenarios to settle financial outcomes and agrees a Strategic Financial Framework.
The Strategic Planning session provides the opportunity for robust discussion and debate with a number of presentations by the Executive Management Team (EMT). It provides an excellent interchange between Board members and EMT although it is ultimately the Board’s responsibility to approve the Strategic Vision, Business Plan and Strategic Financial Framework.
Once settled, the outcomes will in turn be communicated to staff at all levels to convey the priorities for action and specific projects for the following year(s).
Through this process the Board is able to find the right balance between operational and strategic issues.