Credit union supervisory committees operate within an increasingly complex environment as financial services continue to evolve, says Michael Daigneault, CEO/co-founder at Quantum Governance.
During the 2022 CUNA Supervisory and Audit Committee Conference, he offered six directives to shape the supervisory committee of the future:
1. Understand the committee’s role as a governing partner in the modern credit union governing structure. Credit unions are governed by three bodies: management, the board, and the supervisory committee.
“Governance deals with the legitimate distribution of authority throughout a system, whether it’s a country or a credit union,” he says. “The supervisory committee’s role is to make sure the board is doing its job.”
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