sJU5 398im5WjrIJirbeG-Credit Union AGM Booklet 2024 - Flipbook - Page 15
15 Credit Union AGM Booklet 2024
11.8
There were no questions or comments about the Credit Committee’s Report.
11.9
Eziethamae Bodden motioned to accept the Credit Committee’s Report as presented. The motion
was seconded by Omeria Gordon and carried unanimously.
12.
TESTIMONIAL – Tara Bush
12.1
Bridget Powery, Support Services Of昀椀cer, read the testimonial of Tara Bush.
13.
SUPERVISORY COMMITTEE’S REPORT
13.1
In a pre-recorded message, Kim France, Chairperson of the Supervisory Committee, presented
the Supervisory Committee’s Report for the Financial Year.
13.2
The Chairperson advised that the Supervisory Committee served as the internal audit committee
of the Credit Union, and its key objectives were to:
a)
Ensure that the Board provided oversight of the Credit Union prudently;
b)
Ensure that members’ interests were protected; and
c)
Oversee the 昀椀nancial reporting and audit processes while ensuring a robust system of
internal controls, risk management, and compliance with applicable acts, regulations, the
code of conduct, approved policies, and Rules.
She explained that those objectives were met by ensuring an annual external audit was
conducted, internal controls were regularly tested, and risk and compliance matters were
appropriately addressed.
13.3
The Chairperson reported that the Supervisory Committee, through the Internal Audit Unit (“IAU”),
had been very active during the Financial Year. She explained that the IAU completed audits in
IT, ATM and over-the-counter transactions, loans, compliance, inactive, dormant, and unclaimed
accounts, and follow-up audits of HR, cash management, and controls over cash.
13.4
Regarding compliance and risk management, the Chairperson advised that as the Credit Union
continued to grow in pursuit of its strategic goals, it was committed to implementing and
enhancing its Enterprise Risk Management framework (“ERM”) by identifying, assessing, and
mitigating risk, thereby fostering a culture of risk awareness and resilience.
13.5
The Chairperson explained that the Credit Union’s ERM framework ensured that an effective
process was in place to manage risk across all operations and set out the Credit Union’s risk
appetite statement, which was the amount and type of risk the Credit Union was willing to accept
in pursuit of its business objectives.
13.6
Regarding the Credit Union’s Anti-Money Laundering compliance program, the Chairperson
advised that great strides had been made in identifying and selecting an automated transaction
monitoring software solution to assist the Credit Union with transaction monitoring and member
screening. She explained that the initiative demonstrated the Credit Union’s proactive and
systematic approach to managing risks in 昀椀nancial transactions and bolstering operational
ef昀椀ciency.
