Defining the Board Versus Supervisory Committee Responsibilities
Every volunteer wants to ensure their credit union is successful. The Board and Supervisory Committee must work together to ensure a well-maintained and high-performing credit union. Natural, healthy conflict is the norm between the Supervisory Committee and Board of Directors, but what happens if the two cannot work cooperatively? The member suffers and the credit union is at risk.
The Board is the unquestioned authority within credit union governance. The Supervisory Committee is the members’ watch dog and has specific responsibilities for confirming that the credit union is safeguarding member assets and resolving member complaints. Often, serving on the Supervisory Committee is a routine affair. But what if your annual audit or personal observations uncover a significant issue within the credit union? What happens if the board does not agree? Do you know the next step? How far can you go?
Examiners are taking an increasingly hard look at the role of the Supervisory Committee in credit union governance. Don't be caught ill-prepared. From compliance failures to conflicts of interest, you need to be ready for the unexpected!
Recorded Tuesday, May 13, 2014
Continuing Education: Attendance verification for CE credits upon request
- Understanding Supervisory Committee rights and responsibilities
- Roles and boundaries
- Defining and maintaining committee relevance
- Maximizing Supervisory Committee and Board relations
- Board and Supervisory Committee interaction best practices
- Lessons learned from recent regulatory interventions
- TAKE-AWAY TOOLKIT
- Division of responsibility chart
- Key regulatory guidance
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for all volunteers and executives, including Board members, Supervisory Committee members, internal auditors, compliance staff, and others involved in credit union governance.
PLEASE NOTE: Program content is subject to copyright and intended for your individual financial institution’s use only.