Strategic Objectives

The Board of Directors is responsible for setting out the Strategic Plan for Kilcloon Credit Union. This Plan is informed through, among other things, consultation with management and staff, who provide valuable insight into and feedback about our members’ financial needs and opinions, the broader economic environment, the competitive financial services marketplace, economic surveys and research, and the regulatory environment in which we operate. The Plan also reflects the trends that are observed in the wider credit union movement. While the Plan is prepared by the Board, its execution is the responsibility of the CEO, management and staff. The Plan is prepared on a 3-year cycle basis and is regularly reviewed by the Board, with input from the CEO, management and staff, and our external and internal auditors. The Board is also required to present the Plan to our regulator, the Central Bank of Ireland.

There are 8 broad objectives in our Strategic Plan as follows:

Lending - grow lending in a manner that will grow income generation;

Membership - increase membership by raising awareness levels among non-members and developing in line with population expansion within our common bond;

Marketing - develop our marketing effectiveness by using a range of channels that target key products and demographic groups;

Strategic Partnerships - further develop existing alliances with other local credit unions that focus on the sharing of services and costs;

Credit Control - continue to reduce legacy debt and the strong focus on credit collections;

Operational Management - ensure appropriate resources and controls are deployed that will safeguard our Members' interests and continue to strengthen financial viability;

Technology - utilise our data management processes and systems to drive our business and action plans;

Competency/Knowledge - ensure all Officers of the credit union are suitably trained and qualified to deliver Member services and remain compliant with Regulation.