El Dorado Hills, CA, October 02, 2013 --(PR.com
)-- BoardEvals, LLC, a provider of web-based board evaluation tools, today announced the introduction of a new suite of board evaluations for banks and credits unions. The BoardEvals Board Evaluation Suite for Banks & Credit Unions includes three evaluation tools:
The BoardEvals General Board Evaluation assesses the performance of boards as a whole, identifying areas of strength and areas that need improvement;
The BoardEvals Committee Evaluations measure the performance of individual board committees, including the Audit, Compensation, Finance, and Nominating & Governance Committees;
The BoardEvals Board Skills Assessment determines whether a board has the skills required to properly execute its duties and responsibilities for that specific financial institution.
The evaluations in this suite are built upon the standard BoardEvals evaluation platforms that have been used by hundreds of directors to date, but their questionnaires have been customized to reflect the unique operating and governance requirements of financial institutions.
The BoardEvals Evaluation Suite for Banks & Credit Unions addresses the challenging economic and regulatory environment that financial institutions and their boards now face. This environment has placed more responsibility, accountability, and liability on board members than at any point in the past. This suite of evaluations helps boards navigate these challenges, optimizing the overall performance and governance of the board, and ensuring that its activities are aligned with both institutional objectives as well as industry regulatory requirements.
Over the last 10 years, the percentage of public companies conducting board evaluations has increased dramatically, from 33% in 2002 to over 95% today. Banks and Credit Unions, however, have lagged in their adoption of this process. For example, a recent survey of Credit Unions found that less than 25% are conducting annual board evaluations, and 88% do not evaluate individual board members. Clearly, there is room for improvement in this aspect of board and institution governance.
“The BoardEvals Board Engagement Evaluation helps the boards of banks and credit unions operate at peak performance,” said Jim Schraith, Founder and CEO of BoardEvals. “It also ensures that their boards are properly serving the best interests of their financial institution, outside stakeholders, and individual board members.”
Like all of the BoardEvals assessments, the BoardEvals Evaluation Suite for Banks and Credit Unions is an automated, intuitive, web-based solution that offers “anywhere, anytime” availability. The solution establishes a standardized, consistent process that can be benchmarked over time, enabling boards to monitor progress and continuously improve their performance.
BoardEvals, LLC provides web-based board evaluation tools that help organizations perform more efficient, effective and thorough board evaluations. BoardEvals replaces the ad-hoc, manual processes used by most organizations today with a standardized, automated board evaluation process that saves time and expenses, while at the same time improving corporate and non-profit governance practices. BoardEvals is based in El Dorado Hills, California. More information on BoardEvals can be found on their website at www.BoardEvals.com.