Within the Credit Unions, the Act requires the formation of a Board, a Supervisory Committee and a Credit Committee. The Board basically sets policies whilst the Supervisory Committee is meant to play the internal audit role. The Credit Committee is responsible for approving loan applications. These committee members, who are also members of the credit union, are elected by members.
In particular, if the staff members at the senior level firmly accept these changes, take the initiative and set examples for others, then there will be tangible results. We will also have to devote redoubled efforts to managing the risks that can occur in the conduct of our institution’s operations.