This recording is available through December 31, 2024.
Credit unions rely on an effective supervisory committee to ensure their direction and strategies are adhering to federal and state rules and regulations. This eSchool will provide supervisory committee members with the fundamental knowledge required to be an effective supervisory committee member.
At the end of the eSchool, you will be required to complete the exam to earn your Certified Credit Union Supervisory Committee Member (CCUSC) designation.
Who Should Attend
This eSchool is beneficial for credit union supervisory committee members.
Topics
Supervisory Committee 101: Basic Duties
Speaker: Tim Harrington
The Supervisory Committee is the cornerstone of internal controls. So, you need to make sure you know what the foundational functions of this essential committee are. This session covers the regulations that establish the Supervisory Committee and define its duties and responsibilities. In addition, Tim will share his recommendation on what the Supervisory Committee should focus on and pay the most attention to.
Supervisory Committee: Center of the External Audit Universe
Speaker: Tim Harrington
The most important thing the Supervisory Committee does is control and actively manage the outside audit function. Building a relationship with the outside auditor is a key task the Supervisory Committee performs. This is more than hiring the audit firm and waiting for the report.
This process includes:
- Establishing standards for selecting the outside firm
- Preparing the RFP
- Meetings with the auditor
- Interviewing the auditor at the end of the audit
- Evaluating the outside audit firm
Understanding the Credit Union’s Financial Condition and Trends
Speaker: Tim Harrington
Can you identify whether your credit union is doing well or doing poorly? Can you determine whether your credit union’s financial condition is declining or improving? Or, like many volunteers, do you have to wait until the outside auditor or management tells you about financial condition? This session will help you understand what they key ratios are and what they indicate. When you complete this session, you will be much better at monitoring and understanding the credit union’s financial condition.
Steps to Being an Effective and Contributing Supervisory Committee
Speaker: Tim Harrington
This session covers a variety of timely topics on how the Supervisory Committee can become as effective as possible. It will cover communications with the regulators, understanding the regulatory reports and the risks the regulators monitor. It will look at ways for the Supervisory Committee to evaluate and understand the “Tone at the Top”, the ethical environment established by the Board and Senior Management and how to communicate any concerns. It will also cover the basics of the required Verification of Members’ Accounts.
Internal Controls
Speaker: David Reed
Internal controls remain one of the important concepts in the world of the supervisory committee member. However, it is one of those terms that we often hear, but don't properly appreciate. The NCUA states that “internal control refers to the process, established by the credit union's board of directors, officers and employees, designed to provide reasonable assurance of reliable financial reporting and safeguarding of assets against unauthorized acquisition, use, or disposition.” This session goes beyond the technical definition and offers a practical review of the role internal controls play at your credit union, provides real world examples and creates insight into your oversight role of this critical requirement.
Internal Audit Duties
Speaker: Sue Landauer
Does your credit union have an internal audit department? We will cover the specific responsibilities that the Supervisory Committee has in their oversight of the internal audit department. Don’t have an internal audit department? We have included the key elements that must be in your annual audit plan, as well as how to perform the risk assessment necessary to determine what to do in the current year. Required regulatory audits, as well as other functions of the internal audit department are included.
Fraud Risks and Controls
Speaker: Sue Landauer
Do you think like a fraudster? Understanding the primary ways that fraud can occur in your credit union is crucial to ensuring that the internal controls are functioning as intended and are adequate to identify fraud if it is occurring. We will discuss why people commit fraud and get you thinking evil! By the end, you will understand what your role is in the detection and prevention of fraud in your credit union.
IT Audits and Cybersecurity
Speaker: David Reed
Almost all credit unions are offering most of their products and services through the Internet and therefore cybersecurity continues to be a significant operational, regulatory, member service and examination issue. The supervisory committee needs to understand the importance of privacy and security as it relates to the role the internet plays in the operations of the credit union. This session takes a deeper look into cybersecurity by helping you understand the Credit union’s digital footprint, the regulatory requirements for IT security and audits and details on the most common IT audits – user access, penetration testing and social engineering.
Knowledge Into Action
Speaker: David Reed
Unfortunately, one of the most difficult tasks after a great educational event is to implement the best of the insights you have received. This session will focus on the practical steps necessary to implement new ideas, innovations and improvements at your credit union. This session will offer insight into creating a workable methodology for managing the incredibly fast-paced and changing world of the Supervisory Committee and the role you must fill to bridge the gap between knowledge and action.
Recorded eSchool length: 8 hours
This eSchool is available to CUNA Training Bundle users at no additional cost.
