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Internal Controls: Board of Directors/Supervisory Committee’s/CEO’s Best Friend |
Having a background as a Federal Regulator, Credit Union CEO, Trade Association and Credit Union Official and Board of Director, and Credit Union Auditor and Consultant, the importance of sound internal controls cannot be underestimated. I do not know of anyone in the credit union movement who likes surprises—fraud and weak polices that lead to losses.
No-one likes to have their credit union be a victim of bad publicity. Strong Internal Controls helps your credit union run effectively and efficiently. Over my forty years in the credit union movement, I have seen credit unions lose tens of millions of dollars as a result of poor internal controls.
I believe the Fram Oil Filter Commercial “Pay Me Now Or Pay Me Later” is as important for a car to run effectively, as Internal Controls are for a credit union’s ability to run efficiently.
Edward J. Albright
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