Compliance AuditsData Protection Act (“DPA”)During the 2021/2022 financial year, the CreditUnion’s compliance audit programme focused onthe onboarding of new accounts as well as ongoingmonitoring of member transactions to ensure theywere in line with regulatory obligations, the CreditUnion Rules, and established policies andprocedures.Through its Risk Management Framework, theCredit Union continues to provide ongoingawareness and training for its employees andmonitoring of internal processes, to ensure it is ableto meet its obligations under the DPA.Risk AssessmentThe Credit Union has also continued with theongoing remediation of existing members inaccordance with the Credit Union’s Risk BasedMethodology. To assist with the remediation, theCredit Union recruited a Remediation Officer toensure the reviews were prioritized and conductedexpeditiously. The remediation is ongoing andthrough this programme, the Credit Union continuesto request updated due diligence from its members.We urge all Members to provide information whenrequested as non-compliance with rules andregulations significantly increases the risk ofpunitive actions against the Credit Union by theCaymanIslandsMonetaryAuthority(The“Authority”).Enterprise Risk Management(“ERM”)Risk management is integral to all aspects of theCredit Union's activities.As the Credit Unioncontinues to grow in pursuit of its strategic goals, it iscommitted to ensuring relevant risks areappropriately mitigated. To enhance the ERMprogramme, the Board approved the Credit Union’sRisk Management Framework which ensures thatthere is an effective process in place to manage riskacross all operations.The Risk ManagementFramework sets out the Credit Union’s risk appetitestatement which is the amount and type of risk theCredit Union is willing to accept in pursuit of itsbusiness objectives.The Risk and Compliance Department continues tomonitor the risk registers of all departments for anyupdates in order to ensure that all existing andemerging risks are adequately identified andmanaged.Credit Union ANNUAL REPORT 2022Management of complaintsprocess for membersThe Risk and Compliance Department is alsoresponsible for monitoring complaints receivedfrom members. The management of complaints iscontrolled through the use of a centralised helpdeskticketing system where all member complaints arelogged and communicated to the variousdepartments.Complaints are prioritized and categorized tofacilitate the effective resolution of customer issues.Customercomplaintshighlightareasforimprovement and offers valuable information thatcan help the Credit Union to improve our business.Additionally, the Risk and Compliance Departmentis able to analyze and provide the variousdepartments with meaningful information to reducemember complaints.One notable area of improvement was remedyingthe long lines experienced by members whenattending the Credit Union. Member complaints inthis area led to the introduction of the newCUconvenience service which offers members theoption to submit their requests for services via emailor telephone and avoid the long lines.The Way ForwardAs the Credit Union increasinglydevelops as a significant financialentity, we will continue to ensureappropriate enterprise riskmanagement and internal controlsare developed to preserve its assetsand ensure compliance in line withthe ever-increasing requirements.21
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