Credit unions have the responsibility to their members to run daily operations in a responsible manner that protects member deposits and the integrity of the institution. Best practices in operational standards include adherence to generally accepted accounting principles, transparency in accounting and operations and implementation of internal control policies and procedures that protect the institution against employee and member risk. Financial management standards are critical to the operations of a credit union so that managers and directors can set a plan for the financial operations of an institution and monitor progress against that plan.