By Donya Parrish, MCU- VP Risk Management
Last week I had the opportunity to attend CUNA’s Supervisory Committee and Internal Audit Conference. My goal was to learn more about the supervisory committee duties and bring additional blogs, resources, and training to those of you in that role.
The speakers were helpful, the conversations were enlightening and interesting, and I learned that there is no “right way” to do many of the functions you provide for your credit union. Yes, there are best practices (and also sound reasons to take specific steps), but I think you can all rest easier knowing that you are doing the best you can and there is little guidance out there, other than your own training path of “this is how I was taught to do it.”
So, over the next few months, I hope to share some insights and resources through this blog. I would love to hear what you need and struggle with as a supervisory committee member so I can include blogs on those topics. For today, let’s start with a link to the basic duties and responsibilities you are tasked with under the federal charter and Montana law:
The state duties list is located in the administrative rules of Montana (ARM) due to the authority granted to the department of administration in the State CU Act at 32-3-403(2). As you can see, it is similar and yet slightly different than the federal list. We’ll dive into a few of them more fully soon.