sJU5 398im5WjrIJirbeG-Credit Union AGM Booklet 2024 - Flipbook - Page 43
43 Credit Union AGM Booklet 2024
Supervisory Committee’s
Report
Acting primarily on behalf of the members, the Supervisory
Committee is a vital branch of the Credit Union’s threepronged governance structure, which includes the Board
of Directors and the Credit and Committee.
recommendations.
•
Engaged with external auditors for the 2023-2024
昀椀nancial audit.
The main functions of the Supervisory Committee are to
independently evaluate the soundness of the Credit
Union’s operations and activities, protect members’
interests, ensure that management implements sound
internal control, risk management, and compliance
frameworks, and ensure that practices adhere to the local
regulations. This commitment to protecting members'
interests is a cornerstone of our operations, ensuring their
trust in us is well-placed.
•
Issued correspondences to the Board on matters of
practice and policy.
Supervisory Committee Membership and Activities
Internal Audit
This year’s Supervisory Committee, led by Johnae Moss
(Chairman), Marco Archer (Vice Chairman), Josani
Schneider (Secretary), and Nicola Anderson-Wildman,
met regularly and collaborated frequently with
management, particularly the Chief Risk and Compliance
Of昀椀cer and Internal Audit Manager. This collaboration,
which facilitated several achievements during the period,
underscores our commitment to robust governance and
risk management, instilling con昀椀dence in our
stakeholders.
One of the challenges mentioned earlier relate to turnover
in the internal audit function during the reporting period,
which resulted in approximately four (4) months without an
Internal Auditor. Fortunately, the Credit Union was
successful in re-recruiting the long-standing Internal Audit
Manager. Her employment commenced in September,
shortly after the end of the reporting period, and is working
well.
Amidst our successes, the Supervisory Committee faced
increasing pressure to ensure oversight, compliance, and
risk management remained suf昀椀ciently robust to support
the evolving Credit Union while keeping abreast of the
challenging external environment and internal changes.
Despite the challenges, the Supervisory Committee still
performed the following activities:
•
•
Reviewed recommendations made by the Internal
Auditor in the following areas: Human Resources
operations, Loans processes , IT penetration testing,
Finance processes and other special audits.
Reviewed and commented on the Credit Union’s
enhanced Risk Management Framework and
Compliance Policies.
•
Reviewed, investigated, and responded, where
necessary, to members’ complaints.
•
Corresponded with the Cayman Islands Monetary
Authority (“CIMA”) on matters raised in internal audit
Compiled and reviewed monthly correspondence to the
Board of Directors and identi昀椀cation of signi昀椀cant items for
the attention of the Board.
Attended monthly Board of Directors meetings and many
meetings of the Credit and Development Committees.
restructuring operational teams to ensure clear
distinctions between the 昀椀rst and second lines of defence,
ensuring a proper three-line defence system was
established and effective within the Credit Union.
Further, an enhanced documented Risk Management
Framework has been implemented, which de昀椀nes the
Credit Union’s risk appetite statement and speci昀椀es the
level and types of risk the organisation is prepared to
accept to achieve its business goals. The framework also
ensures that effective risk management activities are
conducted across all business areas.
The Credit Union has also commenced modernising its
risk management tools, including updating the risk register
and risk assessment process.
Finally, as part of its ongoing dedication to fortifying risk
management practices, the Credit Union launched “Risk
Month” in February 2024. Representatives of the Risk and
Compliance team trained employees and the Board and
Committee members at the March 2024 statutory meeting.
