MADISON, Wis.—CUES and Quantum Governance, L3C, said they have expanded their suite of assessment offerings with a new Supervisory/Audit Committee Assessment. As with the other assessment offerings, Board Governance Assessment, CEO Assessment, and Director Skills Assessment, the new Supervisory/Audit Committee Assessment analyzes the effectiveness of this vital committee at credit unions of all sizes, the organizations said.
“The purpose of the Supervisory Committee is to assist the board, CEO and senior management team to safeguard the members’ assets,” CUES said in a statement.
“Effective Supervisory/Audit Committees should be able to establish the reliability and the integrity of the credit union’s financial and operational information, statements and reporting processes. They should also be able to determine the nature, scope, sourcing, and performance of the credit union’s internal audit function. In addition, they need to foster and evaluate enterprise risk management activities to secure the long-term viability and success of the credit union and ensure compliance with legal and regulatory requirements, as well as ethical standards.”
Sources of Feedback
According to CUES, the new Supervisory/Audit Committee Assessment gathers candid feedback from the perspectives of your committee members, board members and senior management team in the following areas:
- Committee Culture
- Working Relationships with Key Stakeholders
- Committee Learning & Education
- Roles and Responsibilities
“Just as you assess your board, it’s also important to assess your committees—in particular, your Supervisory or Audit Committee, which has a lead role in effectively governing your credit union,” said Michael Daigneault, CEO of Quantum Governance, in a statement. “Along with CUES, we are committed to strengthening credit union boards, committees and executive leadership, and our assessments are just one of the many ways we are able to honor that commitment.”
CUES said results from the unattributed, online assessment tool will help boards and senior management teams determine just how effectively this important committee is currently operating. Purchasers will be able to identify their committee’s strengths and weaknesses, as well as opportunities and challenges to prioritize and address for future growth, including areas of focus for continuing education, scope of work, future nominations and more, CUES said.
For info: cues.org/products-services/board