With the rising expectations of Supervisory Committees, volunteers face the real challenge of staying up to date with regulatory requirements. Luckily, there are steps that the team can take to stay on track—all it takes is a little bit of consistency.
Implement these three strategies to enable the success of your committee:
1. Consistent Training
All Supervisory Committee volunteers must undergo regular training to maintain a successful Committee. Onboarding for new members familiarizes the team with requirements and enables a more efficient workflow, while annual training for Committee veterans serves as a refresher course on the evergreen information and an opportunity for updates on new requirements. As a bonus, it serves as yearly continuing education.
Consistent training is a valuable resource as it clearly outlines the responsibilities of Committee members and provides an annual opportunity to learn, grow, and achieve goals.
2. Consistent Calendar
A regular meeting schedule is crucial for delegating tasks to volunteers while staying on top of progress reports. This time can also be used for questions and concerns, creating an environment of open communication between Committee members. Each meeting should accommodate the complexity of the individual Credit Union.
3. Consistent Procedure
Establishing practices and procedures will help guide Committee members using a checklist that they can rely on. The most helpful strategy consists of a 12-month work plan combined with a 4-quarter work plan for auditors—helping the entire team stay on top of goals and deadlines. When expectations are clearly outlined and revisited monthly, it ensures appropriate attention to properly safeguarded assets.
Let's talk about your Credit Union's strategy.
The consistency of Supervisory Committee oversight is a foundational element to the health of a Credit Union. For assistance in establishing practices within your committee, contact our team by calling 985-727-9924.