What is a SIG?
A SIG is a Strategic Interest Group -- a community within our community that represents a specific sub-interest or segment within MAC's membership that has a focus of strategic interest to MAC, its members, and its mission.
What are SIGs?
Strategic Interest Groups (SIGs) are a great way to network and build connections among a subset of MAC members with a common identity or interest. SIGs operate in a manner similar to committees but are often more independent or self-directed.
MAC currently has the following SIGs:
The mission of the Bank Consortium is to connect and educate people in the banking industry on issues related to the processing of payments. To help them gain confidence to support the protection of the payments infrastructure, stay in compliance with their obligations as clients of the payment networks, and stay updated on industry best practices.
Government Relations SIG
The Government Relations (GR) SIG is dedicated to keeping the membership educated and aware of legal and regulatory issues that affect the payments industry. The SIG is also charged with providing advice and counsel to the Board related to public policy and legislative or regulatory advocacy efforts. In 2022 the MAC Board approved elevating the Government Relations (GR) Committee to SIG status.
Launching in 2023, the Fraud SIG was one of the most requested new member benefits in our most recent member survey. This will be a forum for members to gather and share information about fraud trends in payments, and contribute to the education of the membership about those trends.
Why is MAC Creating SIGs?
SIGs provide several advantages for MAC and its members, and align with our current CREATE strategic framework:
|Open: Any member may join, without restrictions. These SIGs are focused more on networking among people with common interest, and are more likely to include a small membership fee to encourage participation among SIG members.||Invitational: Membership may be restricted based on standardized criteria such as industry, participation level, and/or subject matter expertise as long as the criteria are applied consistently and fairly in accordance with MAC’s antitrust compliance guidelines. These groups further support MAC strategic goals by contributions of content and expertise to the community and are less likely to include a membership fee to participate.|
How do we create a new SIG?So you want to form a new SIG? Fantastic! New SIGs are created by submitting an application to the Governance Committee. A SIG's application becomes the group's charter to guide its successful growth. Staff and volunteers can assist you with the application process.
Applications must include the following information:
- SIG name.
- A primary contact person for the application.
- Explanation of how the proposed SIG fits within MAC's mission and vision.
- An estimate of the number of potential SIG members.
- An explanation of how marketing to those potential members will occur.
- An explanation of how vetting those that apply to be part of the SIG will occur.
- Explanation of the need for the new SIG, including its specific purpose.
- The topical areas to be included or encompassed.
- Description of the pool of committed leadership available to establish and maintain the proposed SIG.
Upon receipt, MAC's Governance Committee will review the application, request any clarifications, and make a recommendation to the Board of Directors. The Board will vote on the application and notify the applicants of their decision.
Do SIGs have rules?
Yes. SIGs adhere to many of the same policies as MAC Committees. In contrast, SIGs are more independent in that they establish things like goals and activities. There are some policies that apply specifically to MAC SIGs that can be found in Section 2 of the Board's Policy and Procedure Manual.
There are three major requirements for SIGs:
- SIGs are required to have a charter, where they define their mission and focus, and where they may define additional rules or restrictions--such as any restriction on membership.
- SIGs must also closely monitor potential conflicts of interest and adhere to MAC's antitrust compliance policies.
- SIGs must remain active, with evidence of leadership, multiple members, regular meetings, and a brief annual report on SIG activities.
For more information, please contact us at [email protected].
Last Updated: 3/25/2021