The first task new board or supervisory committee members must accomplish is understanding their role at the credit union.
“We need to make sure whoever we have in these positions know their role and understand how they should interact with the credit union,” says Sue Landauer, partner with Forensic Accounting Services Group LLC.
The board of directors is primarily responsible for establishing policies, setting strategic goals, and overseeing the hiring and firing of the CEO, while the supervisory committee is tasked with looking at the system of internal controls and making sure they are adequate and functioning as intended to ensure safety and soundness.
A panel of board and supervisory committee members explored the role of communication in board/supervisory committee member interactions during the 2021 CUNA Governance, Risk Management, and Compliance Leadership Virtual Conference.
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