28 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Board of Directors’ Report (Continued) the Credit Union to get to a state of compliance, the organisation issued a Request for Proposal for Data Privacy consultancy services and selected Ernst & Young as the successful vendor to guide the process. With the assistance of this highly qualified partner, the Credit Union is seeking to minimise financial, compliance, and reputational risk impacts to the organization. Specific assistance was sought for guidance with regards to the following key activities: • Data and vendor assessments • A gap analysis detailing the current state of the Group compared to the requirements of the Barbados Data Protection Act, 2019 • Determination of the staff training required for Barbados Data Protection Act, 2019 roles • Development of implementation roadmaps for compliance The initial privacy assessment performed by Ernst & Young assisted with: • Building an understanding of how the Credit Union operates today across people, processes, technology, and organization. • Assessing gaps in relation to data protection and the storage of personal data. • Conducting training sessions on the Credit Union’s Record of Processing Activities (RoPA) and Data protection impact assessments (DPIA) and identifying the importance and impact of the BDPA on the organization. • Identifying gaps that should be addressed in a Privacy Program and privacy rules to follow to ensure compliance. • Creating the foundation for the future state design of an effective privacy function and program. Given the newness of the BDPA and the recent completion of the first phase of what is to be a multi-phased project to transition us into a state of compliance, the Credit Union’s privacy program remains in an infancy stage. Multiple key documents and processes that will drive the operationalisation of the privacy program are still to be developed and implemented, and these will be done as a second phase of the project in line with the recommendations coming out of the initial report received. An implementation plan has been provided as part of the Ernst & Young report and recommendations coming out of which key initiatives, associated activities and timelines to develop and operationalize a privacy program are anticipated to be possible over a period of sixteen months. Community Involvement The fulfilment of our Credit Union mandate is realised by the returning of the annual surplus to our members in various forms. This includes the offering of attractive interest rates on loans and deposits, a no or low-fee environment, annual dividends and rebates to members, sponsorships and donations and participation and involvement in the communities we serve. During the 2022-23 reporting period we continued to actively participate in various initiatives to support our corporate social responsibility mandate of giving back to the members and communities we serve, including: • Financial literacy programs in various schools to educate students about responsible money management. • Donations and sponsorships support a wide crosssection of areas. • Various forms of social welfare. • Initiatives aimed towards fostering community development. Diaspora Engagement The Credit Union and Legacy Foundation jointly conducted a diaspora outreach to the United Kingdom during the period June – July 2022, the first opportunity for diaspora outreach since the beginning of the COVID-19 pandemic. The contingent was hosted by the National Council of Barbadian Associations (UK) and the Barbados Cultural Organisation. It was a unique opportunity to partner with two UK based organisations, the National Council of Barbadian Associations (UK) and the Barbados Cultural Organisation, and to participate in their events. In addition to the two activities hosted by these non-governmental organisations (NGOs), the team was also able to have representation at events which the Barbados High Commission in the UK hosted during the period. These engagements provided the Credit Union and Legacy Foundation with the opportunity to network with Barbadians of all generations, to meet with the major NGOs and stakeholders with Caribbean affiliations, and to create a network of new and potential donors and new members while maintaining relationships with existing ones. Member Outreach Due to limitations imposed by the COVID-19 pandemic and resulting resourcing and facility challenges, the Credit Union regrettably was unable to host its usual quarterly member education sessions, either in-person or online during the reporting period. In the absence of these items and fully cognisant of the need to ensure interaction with members continued and visibility was maintained, the Credit Union participated in outreach presentations and visits to community groups and organizations to share information with respect to financial literacy, products and services. In addition, “popup” promotions in high traffic areas were used as a vehicle for marketing and the promotion of the Credit Union.
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