Role of the Committee
The role of the Supervisory Committee is expressed in Section 3 of Article 10 of the DCU Bylaws, the Federal Credit Union Act, and the National Credit Union Administration's Rules and Regulations.
Skills and Experience
- The majority of Members of the Supervisory Committee should be financially literate in the sense that they have a basic understanding of how to read and interpret financial statements, including the ability to recognize key risk factors and early warning signals.
- At least one Member of the Supervisory Committee should have experience and background in accounting or related financial expertise.
- All Members should have a fundamental understanding of their role, responsibilities and accountability as Supervisory Committee Members.
- All Members should have the ability to assess the implications of financial statements and auditor's reports.
- All Members should have a firm understanding of the regulatory environment in which the Credit Union operates.
- A Supervisory Committee Members should possess integrity, be willing to articulate his or her views frankly, be able to work productively with others, and have the ability and willingness to commit the time and effort required to fulfill their responsibilities as a Supervisory Committee Member.
- Possess a willingness to ask probing questions and challenge management and the external auditors within the appropriate governance context.
- Possess common sense and have the ability to exercise good judgment.
- Possess the ability to deal effectively with potentially difficult personnel issues.
- Possess the ability to effectively manage the relationship between the Credit Union and its internal and external auditors.
- Possess the ability to clearly understand the differences between the roles and responsibilities of the Supervisory Committee and the roles and responsibilities of the Board of Directors.
Potential candidates for membership on the Supervisory Committee will not be denied consideration by reason of race, sex, religion, disability, age, geographic location or affiliation with some special constituency group, nor will any candidate be selected solely for such reason.
To Learn More
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