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Training for credit co-op officers

Mandatory Induction Courses

The Mandatory Induction Courses (“MIC”) are designed to equip key officers of credit co-ops with basic understanding of regulatory requirements and best practices for good governance.  There are two modules to be taken:

MIC Module 1 Co-operative Legislation and Code of Governance
MIC Module 2 Governance Guides on Internal Controls,
Loan Management and Investment Management

From 1 November 2019, officers holding the following positions are required to attend the MIC:

  1. All members of the Committee of Management
  2. At least one member of the Audit Committee
  3. Chief Executive Officer
  4. Chief Financial Officer
  5. Chief Investment Officer
Minimum Competency Requirements and Training Options

The Minimum Competency (“MC”) requirements for key credit co-op officers, effective from 1 November 2019, are prescribed in the subsidiary legislation, “Co-operative Societies (Requirements for Members of Committee and Officers of Credit Societies) Rules 2019”.

Officers who have not met the MC requirements as at 1 November 2019 (hereby referred to as “relevant officers”) have a transition period of 3 years (starting from 1 November 2019 and ending 31 October 2022) to either:

  • meet the MC requirements in full; or
  • meet the requirement of minimum training hours (see Table 1). The relevant officers have to attend the recommended courses as listed in this website.

Table 1: Minimum Training hours to be completed in 3 years:
Position Small Co-ops
Total Assets ≤ $5m
and Members ≤ 2k

Medium Co-ops
$5m < Total Assets
≤ $50m
or 2k < Members ≤ 10k

Large Co-ops
Total Assets > $50m
or Members > 10k
AC Member Accounting course(s)
with min 35 hours
Accounting course(s)
with min 70 hours
Accounting course(s)
with min 90 hours
CEO or
equivalent
Business course(s)
with min 35 hours
Business course(s)
with min 70 hours
Business course(s)
with min 90 hours
CFO or
equivalent
Accounting and
Finance course(s)
with min 35 hours
Accounting and
Finance course(s)
with min 70 hours
Accounting and
Finance course(s)
with min 90 hours
CIO or
equivalent
Finance course(s) with min 90 hours
Only for credit co-ops with > $50 mil in Restricted Investments

Note: “min” refers to minimum

The relevant officers who are interested to take up the training option can refer to the list of recommended courses as shown here. For further details, they may search for the specific courses from the Workforce Singapore / SkillsFutureSG website.  

The relevant officers may also apply for courses that are not included in the list of recommended courses, subject to the Registrar’s approval.

MC Training Grant - To help lighten the financial load on credit co-ops to upgrade the skills of the relevant officers, the officer or credit co-op can apply for a training grant (on reimbursement basis) provided by the Central Co-operative Fund (CCF).  The grant will fully fund the courses, subject to these conditions:

  • One officer per position (AC member, CFO, CEO and CIO) per co-op
  • The officer must be employed or serving in the co-op before 1 November 2019;
  • The officer does not meet the applicable MC requirements before 1 November 2019; and
  • The course must be in the recommended list or approved by Registrar.

For details on applying for the MC grant, you may contact the Singapore National Co-operative Federation

Last updated on 30 September 2019