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Credit union supervisory committee effectiveness is based on how well committee members use their capabilities to achieve desired risk management results for the institution. To get those results, committee members should hone seven key habits that help them perform their duties with ease and confidence.
How do credit unions separate member concerns from regular credit union correspondence to reach the supervisory committee?
The credit union system of checks and balances will not guarantee institutional “nirvana,” but it will provide a solid framework for CUs to conduct socially responsible business in the tradition of “people helping people.”
Local Government Federal Credit Union’s 28 advisory councils help the board stay current with membership needs and marketplace changes, plus provide preparatory ground for future directors.
Both directors and supervisory committee members must continue to educate themselves about credit union financial management, as well as the changing marketplace in which they must operate.
Credit union boards, supervisory committees and executives are faced with a host of significant risks in today’s complex business and regulatory environment, not the least of which is the potential for fraud. What’s more, directors can be held accountable for fraud and other misdeeds about which they had no prior knowledge.
The National Association of Corporate Directors identified risk-and-crisis oversight as one of the top three priorities for corporate boards in its 2010 annual survey. The survey also found that 45 percent of companies consider risk oversight to be the responsibility of the board of directors.
This is the second in a two-part series exploring the subject of enterprise risk management and its relevance to credit unions. This article discusses some of the strategic and tactical decisions behind ERM.
Key points from board policy on the roles and responsibilities of credit union supervisory committee members, including audits, training, governance, relationships, and meetings
Fort Knox FCU Board Secretary Dick Ardisson describes the path his board took in selecting and putting in place its governance policy.
To be effective, supervisory committee members need a working knowledge of ratios and trend analysis. This article provides an overview of both.
This typical agenda for an asset/liability committee suggests spending the vast majority of meeting time on projections, strategies and decisions.
In order to protect members’ assets, the supervisory committee and board must understand which estimates and alternatives management has chosen in reporting financial results.
A governance committee’s charge is to ensure the board continuously strives to be as effective as it can be—both by proactively monitoring the board’s composition and by focusing on board development, education, and assessment for individual directors and the board as a whole.
A step-by-step look at one CU’s CEO appraisal format and assessment forms.
Managing group dynamics for productive retreats and committee meetings can require up to three proactive steps: (1) develop a shared commitment to applying the underlying principles of good group dynamics, (2) create a well-designed structure that supports good group dynamics for every retreat and committee meeting, and (3) bring in a skilled facilitator or ensure the group leader is skilled in group facilitation.