Volunteering Opportunity: Board Member with Watford credit union

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Watford Credit Union are looking for volunteers to join their Board. They have a range of roles available which include Treasurer, Money Laundering Officer, Compliance Officer and Secretary. The Credit Union provides safe easy savings which includes great value loans, Christmas savings account and free life insurance for most savings and loans. To continue this unique public benefit, they need committed people who are willing to give 2-3 hours or more per week, this would normally be during the day to early evening. You would be helping to provide a vital service for those whose financial stability is affected by our uncertain times.

Board of Directors
The Board of Directors decides on policies and future plans of the Credit Union, monitors the implementation of these policies and plans, and is responsible for all aspects of the running of the Credit Union. The Board has an evening meeting once a month to discuss reports from the Chair, the Treasurer, the Credit Control Officer, the Secretary, and from the two standing committees (see below), and to make policy and operational decisions. It should also be noted that in a small credit union like ours, with no paid staff, many day-to-day tasks are carried out by Board and Credit Committee members, so the time commitment may be quite large.

Opportunity Type: Long-term Commitment

District: Hertsmere, Watford

Location: Indoor

Time of day: Weekday Mornings, Weekday Afternoons, Weekday Evenings

Practical Considerations: Any newly elected or co-opted Board or Committee member is expected to undertake a period of ‘shadowing’ the work of the relevant body and to take part in appropriate training. During this time the new and existing members of the Board/Committee will also jointly check for compliance with the regulatory requirements of the Prudential Regulation Authority and the Financial Conduct Authority.

Requirements: Relevant qualification or training, Will require a criminal record check (DBS)

Suitable for: 18 – 25 year olds, Aged 26 and over, Older People, People with restricted mobility

Suitable for volunteers interested in: Trusteeship & Governance

Does this opportunity provide wheelchair access?: Yes

Full Description:
Supervisory Committee

Maximum 3 at least 1 elected at each AGM’s
The Supervisory Committee checks that the policies and procedures of the credit union are being carried out properly, particularly the financial record-keeping. It meets at times that suit the committee members.

Anti Money Laundering Officer.

Checks on payments in and out for money laundering, fraud. Checks for payments to sanctioned terrorists and PEP’s (politically exposed people)
Compliance Officer
Checks the credit union complies with all the regulations from the PRA, FCA, Industrial & Provident Society and ABCUL.
All the above have some authorisation from the PRA and FCA
Data Protection Officer. Registered with the ICO. Checks compliance with Data Protection Rules.

Credit Committee

Credit Committee maximum 6 members, 2 elected at each AGM. Plus 1 Board member elected by the Board

The Credit Committee considers and decides on loans. At present some or all committee members meet on Monday and Wednesday afternoons. There is also a Loans Officer who can deal with emergency loans, and with normal loans if members of the Credit Committee are unavailable.