Credit Union Annual Report 2022 - Flipbook - Page 24
Compliance Audits
Data Protection Act (“DPA”)
During the 2021/2022 financial year, the Credit
Union’s compliance audit programme focused on
the onboarding of new accounts as well as ongoing
monitoring of member transactions to ensure they
were in line with regulatory obligations, the Credit
Union Rules, and established policies and
procedures.
Through its Risk Management Framework, the
Credit Union continues to provide ongoing
awareness and training for its employees and
monitoring of internal processes, to ensure it is able
to meet its obligations under the DPA.
Risk Assessment
The Credit Union has also continued with the
ongoing remediation of existing members in
accordance with the Credit Union’s Risk Based
Methodology. To assist with the remediation, the
Credit Union recruited a Remediation Officer to
ensure the reviews were prioritized and conducted
expeditiously. The remediation is ongoing and
through this programme, the Credit Union continues
to request updated due diligence from its members.
We urge all Members to provide information when
requested as non-compliance with rules and
regulations significantly increases the risk of
punitive actions against the Credit Union by the
Cayman
Islands
Monetary
Authority
(The
“Authority”).
Enterprise Risk Management
(“ERM”)
Risk management is integral to all aspects of the
Credit Union's activities.
As the Credit Union
continues to grow in pursuit of its strategic goals, it is
committed to ensuring relevant risks are
appropriately mitigated. To enhance the ERM
programme, the Board approved the Credit Union’s
Risk Management Framework which ensures that
there is an effective process in place to manage risk
across all operations.
The Risk Management
Framework sets out the Credit Union’s risk appetite
statement which is the amount and type of risk the
Credit Union is willing to accept in pursuit of its
business objectives.
The Risk and Compliance Department continues to
monitor the risk registers of all departments for any
updates in order to ensure that all existing and
emerging risks are adequately identified and
managed.
Credit Union ANNUAL REPORT 2022
Management of complaints
process for members
The Risk and Compliance Department is also
responsible for monitoring complaints received
from members. The management of complaints is
controlled through the use of a centralised helpdesk
ticketing system where all member complaints are
logged and communicated to the various
departments.
Complaints are prioritized and categorized to
facilitate the effective resolution of customer issues.
Customer
complaints
highlight
areas
for
improvement and offers valuable information that
can help the Credit Union to improve our business.
Additionally, the Risk and Compliance Department
is able to analyze and provide the various
departments with meaningful information to reduce
member complaints.
One notable area of improvement was remedying
the long lines experienced by members when
attending the Credit Union. Member complaints in
this area led to the introduction of the new
CUconvenience service which offers members the
option to submit their requests for services via email
or telephone and avoid the long lines.
The Way Forward
As the Credit Union increasingly
develops as a significant financial
entity, we will continue to ensure
appropriate enterprise risk
management and internal controls
are developed to preserve its assets
and ensure compliance in line with
the ever-increasing requirements.
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