picture of highlighter marking a checklist for Supervisory Committee agendas

Consistency is Key for a Productive Supervisory Committee

by Mar 30, 2021Accounting for Credit Unions

With increased expectations of Supervisory Committees, staying up-to-date with regulatory requirements has become a real challenge for the volunteers on those Committees.

A commitment to consistency can keep everyone on track.

 

Consistent Training

Regular training for Supervisory Committee volunteers is an absolute must for a successful Committee.

Onboarding training for new members helps to get them familiar with the requirements and contributes toward a quicker participation in the process.

Annual training for Committee veterans serves as a refresher on the evergreen information and as an update on any new requirements.  It serves as a yearly continuing education.

Consistent training clearly outlines the responsibilities for the Committee members and gives them a resource to rely on every year.

Consistent Calendar

A regular meeting schedule goes a long way toward dedicating time for the volunteers to get done all the oversight tasks they are responsible for.  The meeting schedule should also accommodate the complexity for the individual credit union.

 

Consistent Procedures

Establishing practices and procedures will help guide Committee members with a “checklist” they can rely on.

When a 12-month work plan for your Committee is coupled with a 4-quarter work plan for your auditors, guidelines are clearly defined for the Committee members to depend on.

When expectations are clearly outlined and revisited every month, it ensures an appropriate amount of attention to ensure properly safeguarded assets.

 

Set Up for Success

The consistency of the Supervisory Committee oversight is a foundational element to the health of the credit union.

For help in establishing consistent practices in your credit union Supervisory Committee, give us a call to talk about how we can help.

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