Supervisory Committee Report

As volunteer members of this Committee, we are dedicated to ensuring the safety and soundness of our policies, procedures and practices as well as the financial position of Industrial Credit Union. One of our responsibilities is to confirm the Credit Union’s financial condition is stated accurately. We work to ensure the accuracy of records, make sure member deposits are adequately protected and that operations are in compliance with all federal and state regulations, as well as our own bylaws, policies and procedures. We do this with the assistance of the Credit Union’s Risk Management Department and accounting firms conducting independent reviews of our financials and operations.

In addition to our regulatory risk examination conducted by the State of Washington Department of Financial Institutions – Division of Credit Unions, we also worked with Compliance Services Group to conduct an audit of our ACH and Escrow policies and procedures; Clifton Allen Larson for a Fraud Controls Review and an Enterprise Risk Assessment; Farley Wada Witt for a website compliance review; and Moss Adams for a Full Opinion Audit. Based on our activities and the results of our 2017 exam, the Supervisory Committee believes that the Credit Union is performing appropriately to sustain a safe and secure future; and that it is well managed with a strong commitment to serving the membership.

As your representatives, the Supervisory Committee will continue to perform oversight activities so that we are confident members’ financial interests are well protected. We encourage you to contact us with any questions or comments about our findings.

I wish to thank my fellow committee member, Melissa Muhich, for her dedication to the Credit Union. Melissa and I welcome our newest Supervisory Committee member, Bonnie Drafs, and appreciate her commitment to the membership. A special thank you goes to Credit Union staff members Jeff Chambers, Preston Parks and Jill Segel, of the Risk Management Department, for their hard work and outstanding support.

On behalf of the entire Committee, we appreciate the opportunity to serve the members of Industrial Credit Union and look forward to a secure and successful 2018.

Sincerely,

Robert Penney | Chair, Supervisory Committee
Melissa Muhich | Supervisory Committee
Bonnie Drafs | Supervisory Committee