By Mike Munck
I’m a new credit union supervisory committee member. Twenty-six of us from 20 different credit unions are just a couple of hours into CUES’ inaugural, two-day Supervisory Committee Development Seminar. Acronyms (BSA—that’s Boy Scouts of America, right?) and regulations (was it 715.3 or 715.4 or…) are spilling out my ears.
But our instructor, Ron Parker, is a former CU auditor, a CPA with 35 years of experience, and a supervisory committee member at his current credit union. I think his South Dakota ranching background helps too. Our herd, though nervous, hasn’t spooked and stampeded yet. And Ron has a great knack for cutting through the BS (an auditor’s acronym, we learn) and helping us focus on what’s important.
Here in the heart of gambling America, we learn risk and gambling aren’t the same. Risk can be evaluated, measured, mitigated and controlled. And that’s our job, as supervisory committee members …on behalf of all the members of our CU. Through the annual audit process and internal controls, we “follow the money” and, by doing so, help the board ensure that all our money is safe, secure and well managed.
We learn about all the different risks our CUs face. And how as the supervisory committee, we help the board define and mitigate those risks. We learn about our duties, responsibilities and regulatory requirements. It’s just a little scary … part of me liked it better when all I needed to worry about was my own savings, checking and loans. But that’s part of the take-away from our time here. Without the proper controls, reports, monitoring, all of our money is at risk.
Fear and loathing … I’m no longer quite as fearful. CUES is to be commended for the quality of this training. I’ve attended a few seminars. This was top notch and I’m heading home feeling more confident and knowledgeable. Which is good, because I loathe feeling incompetent, especially when my and others’ money is on the table.
CUES Director member Mike Munck is a member of the supervisory committee of $136 million Helena Community Credit Union, Helena, Mont.
CUES’ Director Strategy Seminar is coming up in June in Vancouver, British Columbia.
CUES’ Director Development Seminar is coming up in September in Savannah, Ga.
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