CUNA Volunteer Certification School: Supervisory Committee Track
Topics & Objectives

Please note that the Topics/Objectives listed below are subject to change.

CU Knowledge & Committee Governance

The supervisory committee has significant responsibilities as the watchdog of your credit union. But before that role can be filled, your members must understand the big picture of the credit union movement. Discover more about:

• The credit union system and how it functions
• The supervisory committee charter and guidelines
• Compliance as a federal and a state issue
• Financial statements as a dashboard for guiding your credit union

Annual Audit Requirements

Explore the in-depth work of your supervisory committee and the annual audit requirements including:

• Hiring an outside audit firm: overseeing the work, understanding the findings, following up and what questions to ask
• Considerations when doing the audit including: planning and performing the audit, documenting the work, understanding reports, recognizing potential problems, following up on corrective actions

Risk Assessment & the Audit Plan

Overseeing your credit union means understanding the potential for what can happen and what can go wrong — the risks that face the operation. This session will help you gain an understanding of risk and how assessments and planning can make these issues manageable. During this session, you will discuss:

• Understanding risk and how controls mitigate risk
• Benefits of risk assessments and how to perform them
• Developing the audit plan using risk assessment

The Internal Audit

The internal audit is one of the biggest and more complex areas of obligation for your supervisory committee. Increasingly, this is being outsourced to third parties, potentially adding to the complexity. During this session you will explore:

• Internal audit duties, processing, and reporting
• Outsourcing internal audit work including: specialists for IT, supervising the work, third party due diligence
• Following up on findings

Board Operations & Development

Operations and development can easily be overlooked, but is important for the wellbeing of your board. Boards and supervisory committees must work together with one voice for the good of your credit union. This is not something that just happens when you put people in a conference room and call them a committee. In this session, you will consider:

• Building your board and supervisory committee through diversity, recruitment, and orientation
• Board succession planning
• Creating one voice for your board through team building, communications, differing opinions, and building consensus