sJU5 398im5WjrIJirbeG-Credit Union AGM Booklet 2024 - Flipbook - Page 27
27 Credit Union AGM Booklet 2024
Risk Management
The Credit Union’s risk management is integral to all its
activities, and we remain steadfast in our commitment to
implementing and enhancing our Enterprise Risk
Management Framework. We continue managing the key
risks that comprise our risk appetite statement.
Our strategic objective during the year to strengthen risk
management included ongoing training, adding quali昀椀ed
resources, enhancing internal controls, and streamlining
manual processes through digitalisation.
●
Training: Training is a requirement for all employees
and elected volunteers. We continue to embed risk
awareness through training. Cybersecurity Awareness
Week in October 2023 focused on “Cybersecurity is
Everyone’s Business”. Risk Awareness Week in
February 2024 focused on being “Guardians of Risk”
and included additional risk identi昀椀cation,
assessment, and remediation training. Annual
compliance training is a staple to ensure regulatory
compliance.
●
Resources: We strengthened our risk and compliance
function by recruiting a quali昀椀ed Manager of Risk and
Compliance and a Senior Compliance Of昀椀cer.
●
Policies: We strengthened internal controls by
amending and creating twenty policies relating to
operations, human resources, governance,
informational technology, compliance, accounting,
business continuity, and risk management.
●
Digitalisation: As we continue implementing our
digitalisation strategy, cybersecurity tools are
embedded into our information technology
environment to reduce the risk of attacks. We
implemented data protection software for outgoing
emails, providing a control check before sending
emails. We commenced document management for
loans and new member 昀椀les. We also continue the
process to automate credit monitoring, compliance
monitoring, management reporting, and electronic
member and loan onboarding.
Member Engagement and Satisfaction
As a member-owned cooperative, we highly value the trust
and con昀椀dence our members place in us. Maintaining a
high level of member satisfaction is essential to upholding
this trust. Based on the 2023 Survey feedback, our
strategy focused on improving responsiveness and
member 昀椀nancial education.
We upgraded our client relationship management system,
Freshdesk, which streamlined communications with
members. This system now enhances ticketing,
assignment and response tracking, ensuring ef昀椀cient
handling of inquiries, loan application reviews, and general
questions. We also upgraded our telephone system to
direct members to the appropriate service areas.
We categorized incoming calls, with the top queries being
payroll con昀椀rmations, account balances, and loan status
updates. To improve ef昀椀ciency, we introduced proactive
text messaging for payroll postings and encourage
members to continue using the ATMs or CU Online for
balance inquiries.
We continue to monitor member feedback, including
compliments, suggestions, and complaints. During the
year, compliments rose by 46%, while complaints
increased by 23%, primarily due to service delays.
Suggestions for improvements decreased by 13%.
Member satisfaction is tracked using Happy-or-Not
equipment at our Grand Cayman Headquarters. The
average satisfaction rate was 91%. Approximately 5,000
members continue to use in-branch services each month,
despite enhanced digital options like CU Online, ATMs,
and CUconvenience introduced in 2022.
Financial literacy remains a core focus. We offer debt
management training and personalized support to help
members make informed decisions. This year, we
provided training on cash advances and helped members
transition to more manageable products, thereby reducing
borrowing costs.
In June 2024, we took one member to the CCCU
Conference in St. Kitts, covering leadership, governance,
arti昀椀cial intelligence, branding, and more.
We recognize that our member experience faced
challenges, particularly with wait times and loan
processing. We continue to work with management to
address these issues and improve service quality.
Community Involvement
Another strategic objective is our focus on community
involvement. Our community involvement strategy
includes local stakeholders and regional collaboration with
the Caribbean Confederation of Credit Unions (“CCCU”)
and cooperation with the World Council of Credit Unions
(WOCCU).
