Sep 05, 2017
By: Joseph D. Paroubek
As we get into fall and the school year begins, I am reminded of high school sports, the level of excitement, and the amount of school camaraderie. As a former high school athlete, I remember how a collection of individuals would come together to achieve a goal. Today as I sit here writing this blog, the past couple of weeks have really driven home to me the value of teamwork and ensuring you have the right team in place.
Recently, I led two CFO roundtables in Chicago discussing CECL (a new accounting pronouncement), and the underlying message I heard was that this was going to be done by one person in each of the various organizations that attended. Throughout our conversation, we reiterated the fact that more than one person needs to be involved in the project, whether because of technology, process changes, succession planning, or just the amount of time needed to accomplish this project. One of my key takeaways was that it will be important to develop a roadmap and celebrate your accomplishments throughout the implementation process. As a team within your financial institution, create a game plan, have your team in place, and identify a captain to lead the project and make sure you are meeting deadlines. Lastly, reach out to your accounting firm, your regulators, and other financial institutions and help each other out.
You will not be alone in this process. Get your teams together and know that Wipfli is here to help you throughout the process as well.