Plansmith Blog

Community Bank & Credit Union Forum: Compass Roundtable June 2016

Posted by Binh Luu on 6/22/16 10:00 AM

Not knowing where to start when asked to complete a bank budget or forecast can be nerve-wracking at times. I'm sure we’ve all been there, myself included. Sitting in front of a computer asking, "am I calculating these prepayments correctly? How are others doing this?" The best thing about an open roundtable forum is you’re all in the same boat using the same model! Being able to relate to one another with real life experience and build long lasting relationships with peers can’t be found on the Internet. That's why we started holding Financial Compass Roundtables; and so far, they've been a phenomenal success, not only for us as facilitators, but for the community bankers that actively craft the discussion.

For example, we recently held our June Financial Compass Roundtable and it was so invigorating. Attendees traveled to our offices in Schaumburg, IL from as close as 20 minutes, to as far as four hours away, just west of St. Louis. We had a diverse mix of experienced Financial Compass users to those who are just beginning with the Compass Model; large and smaller banks; and a tremendous variety of viewpoints. The group did a fantastic job bouncing around bank budgeting ideas, asking questions about the forecasting software, and sharing board reporting experiences with their peers. We discussed bank budgeting and regulatory trends, what's expected of them, and how they accomplished these tasks both within and outside the model. It was especially fun hearing each bank's recent exam experiences and their take on regulations, changes, and best practices.

Some topics discussed this time include:

Each Financial Compass Roundtable is different, because as a participant, you get to make it your own! We focus on what you want to learn and discuss. I encourage you to participate in as many roundtables as possible. You never know what tips you may pick up from the community banker sitting next to you. Even though we're focusing the Compass Roundtable experience on the local Illinois area at the moment, we are hoping to expand to other areas. If this sounds like something that would be beneficial to you and your community bank or credit union, please reach out to us directly and let us know! 

Topics: Insider

Subscribe Now!

Posts by Tag

See all

Recent Posts