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Strategic planning, risk management, internal controls and management of the CEO are some of the most important tasks of a credit union board of directors, Anthony Demangone said during the interactive NAFCU pre-conference workshop at the association's Annual Conference and Solutions Expo yesterday. At the conclusion of the workshop, attendees were able to earn their NAFCU Certified Volunteer Expert (NCVE) certification.

Demangone, NAFCU's executive vice president and COO, walked credit unions through 10 areas that are "essential" to how a credit union works.

When discussing risk management – one of the key responsibilities of a credit union board – Demangone said risks exist in areas such as credit, interest rates, liquidity, transactions, compliance and reputation.

He also discussed credit unions' supervisory committees and their role in verifying accounts and holding special meetings on unsafe or unauthorized practices.

Also noted during yesterday's workshop:

• fiduciary duties of a credit union board;
• the board's role in risk and compliance management;
• NCUA expectations and the exam process;
• the Bank Secrecy Act; and
• key financial ratios that every volunteer should understand.

All credit union representatives that attended yesterday's pre-conference workshop received a copy of the Credit Union Director Handbook, written by Demangone.

Stay tuned to NAFCU Today for daily Annual Conference coverage. For up-to-the-minute coverage, download the conference app, sponsored by CUNA Mutual Group, and follow #NAFCUAnnual on Twitter.