MADISON, Wis. (4/16/12)--If there is a "new normal" in financial forecasting it is defined by uncertainty, and that calls for decision-makers to have a better understanding than ever about the assumptions underlying their forecasts, according to a new white paper from CUNA CFO Council.
"Financial Forecasting and Analysis in Turbulent Times" identifies the issues credit unions face in producing effective forecasts in volatile times and highlights several strategies and best practices.
Chief financial officers and industry consultants contributing to the white paper share how to remain agile, be more efficient, and cope with all the competitive and regulatory changes in the industry. They focus on what the numbers mean rather than just what the numbers are.
Specifically, the white paper presents:
- A strategy for laying the proper foundations for forecasting and analysis;
- The need to forecast a likely range of possible futures;
- Strategies to develop accurate and useful forecasts that address key financial risks, organizational performance and profitability, pricing, competitive analysis and cost controls;
- The impact of new regulatory requirements and guidance; and
- The role of the CFO as a strategic leader.