Credit Union Annual Report 2021 V2 - Flipbook - Page 21
Credit Union ANNUAL REPORT 2021
SUPERVISORY
COMMITTEE REPORT
INTRODUCTION
2020/2021 has been another successful financial year
for our Credit Union despite the continuing challenges
in dealing with COVID-19. Given the challenges within
the local and global economies we continue to
support and provide guidance and oversight to our
Credit Union whilst keeping abreast of the challenging
environment, mitigating the accompanied risks and
enhancing the systems of internal controls.
The success of our Credit Union is due to the
commitment and collaboration of our members,
volunteers, staff, management, and the leadership
and guidance of the Board of Directors and the Credit
and Supervisory Committees.
ACTIVITIES
Under Article XI, Section 54 of the Credit Union Rules,
the Supervisory Committee is charged with the
responsibility of examining the affairs of the Credit
Union including auditing the books and investigating
complaints from members affecting its proper running.
We remain committed to this task and operate
independently of all entities of the Credit Union. We
are dedicated, constantly working to ensure that all
policies, practices, and procedures are compliant with
the applicable laws and regulations. For this, I thank the
diligent membership of the Supervisory Committee
for their hard work and wealth of experience they bring
in executing our mandate.
The Supervisory Committee continued to focus on
reviewing the internal audits conducted by the Internal
Audit Manager along with increasing assessments
conducted by the Risk and Compliance Manager.
These Managers continue to strengthen their reporting
to the Supervisory Committee with relevant, timely
and topical audits, and due diligence assessments on
various aspects of the operations. With the demands
of and on their respective areas, the competency and
Kim France,
Committee Chairperson
staffing resources are continually being assessed and
enhanced with training and other support.
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