2023 Annual Report - Flipbook - Page 6
6
Credit Union Annual Report 2023
Strategy & Results
Message from the Chairman
Our purpose is to provide our members with easier access to 昀椀nancial
services, helping them to improve their quality of life.
In a year marked by in昀氀ated property values,
high cost of living, and soaring interest rates,
your Board remains committed to this purpose.
The Board’s governance function is particularly
important in these in昀氀ationary times. The focus is
to help our members by effectively managing our
assets, providing lower and consistent borrowing
costs, and encouraging saving.
The high demand for our low-cost loans
impacted the Credit Union’s strategy to maintain
昀椀nancial health by increasing the loan portfolio.
Additional loan appointments were made
available so members could switch their highinterest-rate loans with other 昀椀nancial institutions
to our lower-interest-rate facilities and achieve
signi昀椀cant monthly savings. In addition, new
borrowers bene昀椀tted by making our Credit Union
the 昀椀rst choice for their 昀椀nancial needs.
Our Credit Union’s strategy also included
building deposits to meet the borrowing needs of
our members while maintaining the required
liquidity ratio. In 2023, we ran a 昀椀xed deposit
campaign to promote our competitive product
and demonstrate our ability to be competitive
with the market. We also utilised our non-member
deposit strategy and successfully bid for and
won 昀椀xed deposits from the Cayman Islands
Government, the largest employer of our
members.
We strengthened risk management by further
embedding entity risk management (ERM)
strategies and updating our Credit Union Rules,
which the Registrar approved on 7 July 2023.
Risk awareness training sessions were held for
directors, committee members, and staff
throughout February; this training focused on
roles and responsibilities under the theme,
“Managing risk is everyone’s responsibility.”
The Credit Union Rules (2023 Revision) focused
on enhancing governance by revising and
updating the role, size, tenure, responsibilities,
and expertise of the board and committees. In
addition, policies were updated and created to
support the revisions in the Rules.
Another strategic objective is our focus on
community involvement. Our community
involvement strategy includes local and regional
collaboration.
Our Credit Union Difference has always
positively impacted our local community by
providing easier access to 昀椀nancial services to
members who may not qualify in the market.
However, in this high-interest rate and
in昀氀ationary environment, our policies are now
in昀氀uencing the broader local market to compete
with our loan terms, which signi昀椀cantly and
positively impacts the wider community; other
昀椀nancial institutions are now offering loan terms
like the Credit Union as well as reduced interest
rates and borrowing costs.
Our Credit Union continued supporting the local
community through sponsorships and donations
to many organisations and through the Rupert
McCoy Educational Grants.
Our community involvement strategy includes
regional involvement with CCCU and WOCCU by
participating in training and conferences. Our
membership in the CCCU also results in the
CCCU Board Meeting being held in the Cayman
Islands on a rotational basis.
This year, the 昀椀rst annual member engagement
and awareness survey was completed. Your
feedback demonstrated a high level of loyalty to
our Credit Union and satisfaction with our
products and services; it was also invaluable in
providing feedback on your concerns. The Board
recognises the need for continuous
improvements using technology. Therefore, a
digital strategy was developed to improve
operational ef昀椀ciency, address your concerns
with timely response, and improve service
delivery.
Our members are the heart of our Credit Union,
and our Credit Union Difference emanates from
our identity as a cooperative. The Co-operative
model is 75 years old and continues to be a most
impactful 昀椀nancial alternative. This model
requires maximised value for you, our members,
rather than a handful of shareholders who may
not even be customers and may not live in our
community. We are focused on our local
community where we live and work and on
providing opportunities to strengthen our
community.
Our purpose is possible for our members and is
hopeful and likely in impacting our community.
The Board remains committed to ensuring that
our Credit Union works for you and will improve
your quality of life.
James Watler
Chairman