Credit Union Annual Report 2022 - Flipbook - Page 10
our members enabling them to achieve their
financial goals while positively impacting the wider
community.
Management quarterly, with regular reporting by
the Chief Executive Officer to the Board of Directors
for ongoing monitoring.
Our three-year strategic plan, (The Plan) was crafted
with input from you our members, our volunteers,
and our staff. We solicited input from all members
led by a capable Strategic Planning Committee
(made up of a cross-section of members) and
consultants with the relevant credit union expertise.
Seven key strategic goals were identified for our
focus over the next three years:
We are pleased to report that during the past year,
again with the assistance of PwC, we have
strengthened our risk framework with the
completion of the Risk Management Framework
(the Framework) for our Credit Union.
Loan Portfolio Growth – maximizing service
delivery;
Enabling Legal and Regulatory Framework
– modernize and strengthen governance
framework;
Member Engagement and Inclusion –
growth of membership;
Financial Safety and Soundness – monitor
key performance indicators;
Capacity Development – expansion to
Country Corner in Savannah and Implement
Document Management System;
Partnerships – a collective undertaking to
build healthy and exemplary relationships
with employers under the bond; and
Climate Change Resilience – provide
awareness and education training, and
green loans
The Framework sets out Risk Appetite – covers
the types of risks that the Credit Union faces and
how it establishes its appetite for each type of risk
Risk Infrastructure – addresses how the Credit
Union
oversees
(governs)
and
embeds
(operationalizes) the identification, assessment, and
monitoring of risks across the Credit Union.
Risk Analysis – deals with the Credit Union’s
method of risk identification, assessment, response,
and ongoing risk monitoring.
The Board and Management Team have a robust
Risk Framework in place. We believe that by
embedding a structured system of Risk
Management, the Credit Union will continue to have
strong, resilient operations well into the future.
Governance
Corporate governance is core to financial
soundness and prudence. Our Credit Union is
governed by a system of rules, acts, policies, and
procedures.
The basic principles of corporate
governance are accountability, transparency,
fairness, responsibility, and risk management.
The Credit Union Rules (2012 Revision) were
Entity Risk Management
The Board of Directors is committed to ensuring the
Credit Unions’ risks are appropriately identified and
mitigated. In 2021, we took a major step in building
a robust Enterprise Risk Management system.
Under the guidance of PricewaterhouseCoopers
(PwC), a detailed risk analysis and development of a
risk register was completed by Management. This
register continues to be reviewed and updated by
Credit Union ANNUAL REPORT 2022
comprehensively updated to enhance corporate
governance that reflects our size, nature, and
complexity. The review and update of the Rules
was after a series of meetings to get feedback from
our members, volunteers, and staff. A Special
General Meeting was held on 29 September 2022 in
which the Credit Union Rules (2022 Revision)
were approved by the members present, in-person,
and online.
The substantive changes included eligibility for
membership, roles and responsibilities of directors
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