It's a new year and amid all of the uncertainty that will shape economic and business conditions for 2014, including the timing and magnitude of a potential rise in interest rates, credit unions can still attain peak performance. To do so, they need to resolve to get back to basics and re-evaluate or at least validate their business strategy. Credit unions need to be able to evaluate their options, perhaps quite frequently. They also need to constantly monitor and analyze their performance if they expect to successfully execute their business plan.

The credit unions that will be successful in the face of uncertain conditions are those that plan for their impact, to the extent that they can, monitor the results of their plans, and act based on an analysis of their ongoing performance.  Asset-liability management can help, by providing credit unions with a real understanding of what is taking place on their balance sheets. ALM also helps to ensure that credit unions are proactively managing their balance sheets in the context of their business strategy.