Credit Union Annual Report 2022 - Flipbook - Page 22
SUPPERVISORY COMMITTEE REPORT
Overview
The financial year 2021/2022 has been another successful year for our Credit Union as we saw a 9% increase
in deposit, 12% growth in loans, 1,508 new members,
changes in senior management, and the
implementation of a modern technology banking
system. More so, we continue to support and
provide guidance and oversight to our Credit Union
whilst keeping abreast of the challenging
environment to mitigate any accompanying risks,
enhancing the systems of internal controls, and
monitoring risk and compliance issues.
We emphasize that 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 many volunteers
serving on the Board, the Supervisory Committee
and the Credit Committee.
Activities
Under Article XI, Section 54 of the Credit Union
Rules (2012 Revision), 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 operations. The Supervisory
Committee remains 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 the 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 Chief Risk and
Compliance Officer. Internal Audit Manager and the
Chief Risk and Compliance Manager continue to
strengthen their reporting to the Supervisory
Credit Union ANNUAL REPORT 2022
Marco Archer
Chairman
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