23 CONSOLIDATED FINANCIAL STATEMENTS 2023 While focused on these diversification efforts, ACI still remains grounded in the present and focused on the existing business on its books. It continues to provide a high-quality service to its credit union clientele, primarily through the provision of monthly ongoing compliance services to strengthen the compliance and governance infrastructure across the smaller Credit Unions; enhancing both their AML environments and the level of awareness at both the employee and Board of Directors’ level. Additional focus is also being placed on expanding its suite of services to include accounting and audit related services for small and medium sized enterprises (SME). These services will initially be offered to members of the Barbados Public Workers’ Co-operative Credit Union Ltd. and represent another viable initiative that will contribute to ACI’s overall growth. Legacy Foundation Legacy Foundation continued to be challenged across all aspects of its operations during the course of the last reporting period as member donations, foundation activities and initiatives all remained suppressed in the post-COVID economic environment. During the reporting period the Foundation received five applications for funding totalling $275 thousand dollars which are currently under review and made in-roads in the Barbadian community in the United Kingdom as in-person presentations were done in multiple cities including London, Birmingham, Manchester and Reading. The time spent on the ground networking and building relationships allowed for the increased awareness of both the Legacy Foundation and BPWCCUL brands at a time when building trust has become critical. The presentations also provided opportunities to: • Inform the diaspora about the Foundation’s goals and objectives. • Strengthen relationships with the existing member community while building relationships with prospective new members. • Inform and engage possible new donor streams and give Barbadians in the diaspora the opportunity to give back and partner in our charitable efforts. The Foundation’s objective is to undertake initiatives that bring about positive changes and make a meaningful impact in the lives of others, while addressing underserved areas of need in the charity space. By becoming a donor to the Foundation, you too become a part of a credit union force striving to create a better future for all. Every donation counts, and as is the case annually, we ask that you help us to positively impact those who need it most by way of making your deposits in the donation boxes present in all of our branches. Further information on the Foundation is available online at www.legacyfoundation.org. Organisational Strengthening As the Credit Union sector and financial services industry on a whole transition into a post-COVID era, we at the Barbados Public Workers’ Co-operative Credit Union Ltd. need to be in a position to effectively manage the now entrenched changes brought on by the pandemic, pivot in response to both opportunities and threats that are present in our operating environment, and respond in a manner that delivers on our purpose of bringing benefits and value to our members and key stakeholders. To provide us with the focus required to achieve the above and navigate our changing environment, we will refresh our strategy during the 2023-24 reporting period to ensure that we continue on a path that will see us well prepared to face whatever the future brings. This will include continuation of a review of our digital offerings, an area we need to continue to enhance to ensure your interactions with us, and our channels and services are easy and efficient. Through a digital transformation project that is already in motion, we intend to invest in robust alternative electronic delivery channels to provide you with the convenience, security and flexibility you deserve in a busy world where online engagement is now the norm. Complementary to this, we will also continue to focus on our people and becoming an employer of choice through the successful completion of the corporate redesign initiative that, while largely completed, continues to engage our attention as we work through the implementation phase. Building out our governance, compliance and risk management frameworks has been a focus during the past year which will continue into the foreseeable future. To this end we have recruited a Chief Risk & Compliance Officer to focus on strategic risks and compliance matters, and have also provided additional resources to the department to focus on the day to day risks, in conjunction with the various business units. These enhancements, coupled with the provision of additional resources to the Internal Audit Department, has helped with the buildout of even stronger oversight and assurance teams to protect against us the various current and emerging risks the financial services sector is particularly susceptible to. Our strong capital position provides us with a stable base to continue to invest in these key priorities, and to assist our members while working towards sustainable future growth - even in these tumultuous times. As we continue to reinvent ourselves through a strategy refresh and key transformational projects, our focus will continue to be on channelling our investments and resourcing directly into those areas that will most help us to succeed. Digital Enhancements Recognising the importance of technology in delivering superior member experiences, the Credit Union has implemented solutions to provide members with greater convenience in the management of their financial affairs, particularly as it relates to money management and electronic payment and transfers. The Real Time Payment (RTP) service and the BillPay
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