30 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Organisation Strategy Our strategy is anchored in four critical themes, which we refer to as strategic pillars. These pillars of Winning Organisation, Brilliant Execution, Customer Focus and Sustainable Future help to guide the strategic activities we undertake and are the focal point of our actions and initiatives to drive long-term viability and sustainability. Recognising that a strategy is only as good as the capacity and capability to execute it, and that the various elements of board visioning and guidance, leadership skills, corporate culture, processes, competencies and organisation structure must be aligned to ensure success, we intend to review our existing strategy this year to determine its relevance for the 2023-26 period. This review and refresh will be critical if the Credit Union is to adapt and innovate in what is now a fluid and constantly changing environment where external opportunities and pitfalls meet organisational purpose, performance and execution. 1 1 Strategy Summary This means that we continue to grow by providing our members and customers with products, services and experiences that they value, delivered through the appropriate channel and entity. Our sales culture drives our continued growth. Customer propositions are clearly aligned to the different markets and customer segments to ensure mutual benefit. CUSTOMER FOCUS SUSTAINABLE FUTURE BRILLIANT EXECUTION This means that we leverage our strengths and scale, build on our brand value and explore opportunities for profitable growth to ensure our business sustainability and future readiness. We utilise our position and strong relationships to influence, advocate for and invest in social, economic and environmental change that benefits the credit union sector and the communities in which we serve. WINNING ORGANISATION This means that we continuously improve our business processes, policies and practices in line with the changing needs of the market and our financial commitments. Data analytics drive our decision making and performance management, always considering risk implications to enable progress. As a result, we cause no prudential concerns with the regulator and set the standard. The outcome of our strategy is for our Group of companies to be positioned as the leading indigenous financial services provider in the region making a material difference to the social, environmental and economic wellbeing of our members, customers and the communities in which we serve, underpinned by our sustainable profitable growth. The entities of the Group create a whole which is greater than the sum of its parts. This means that we inspire, motivate and lead high performing teams. Our culture enables our strategy, creating a constructive environment that fosters collaboration, accountability for individual and collective performance and customer centricity. We lead by example and live our values as one team, consistently demonstrating this in our everyday behaviours and actions. We ensure that our communication is coherent, consistent, continuous and relevant, is multidirectional and engages everyone in our success. Our organisation and capabilities are aligned to our strategy and our people development ensures that we are future ready and can adapt to change. We are proud to be a part of this organization and act in accordance with our principles. Looking Ahead 2023-2024 As we look ahead into the 2023-24 fiscal period we are heartened by the optimistic outlooks and positive predictions that continue to unfold from various commentators. If the predictions hold true they signal continued growth and rebounding of the economy and by extension a potential improvement in conditions for our members and our Group. This positive outlook underscores the importance of remaining focused and building out an infrastructure and environment that supports you, as you too continue to return to a semblance of normalcy in your everyday life. In order to ensure we can meet your needs we re-affirm our commitment to remaining flexible and agile in adapting to whatever conditions may unfold, while ensuring the establishment of positive behaviours, values and culture within the organization to safeguard the sustainability of the business. It is to this end, that we anticipate as we transform digitally, members would be able to have easier, faster, more reliable access to the credit union and its products and services, while Board of Directors’ Report (Continued) at the same time remaining assured that their data is protected and secured at all points of interaction. Our focus will continue to be on the execution of initiatives associated with enhancing our member-centricity, progressing our digital footprint through the transformation project, sustaining and enhancing our regulatory compliance, and forging new collaborative partnerships that benefit you by bringing added value while positively impacting our communities. We also remain very committed to enhancing our level of responsiveness and engagement as we seek to return our quality of service and customer experience level to the traditionally high levels you have come to expect and deserve. The growth and expansion of the Credit Union and the maturity of the market has caused the Board and management to commence looking at the diversification of revenue streams as this is critical for the long-term success of the Credit Union and Group. The initiatives being explored including new technologies, products and services and the forging and leveraging of strategic partnerships will create an environment that allows us to achieve this objective. Supporting this will be the assurance of the efficient use of capital and reserves across the Group, a major undertaking and the framework for which will be developed in conjunction with subject matter expertise from KPMG. The specific deliverable for this service will be the creation of an integrated Group capital management framework and plan, along with supporting operational processes that will ensure: • A capital structure that is relevant and competitive for the Group ensuring the maintenance of appropriate capital levels across all entities. • Internal rules that clearly specify the arrangements concerning capital management and allocations. • Detailed processes and procedures, with the required roles and responsibilities defined, to support a capital management framework. • A check-and-balance system of controls that can be followed in accordance with capital management rules. • Recovery plans in the event of capital management issues. These initiatives will be discussed at the appropriate stage as we chart and build out the future expansion for the Group. Heading into the new financial period we remain cognisant of the timeliness and applicability of the adage that the only constant is change. Operating in an environment where there are still many challenges and uncertainties ahead, we remain true to our cooperative principles and focused on the goal of providing you with the necessary financial support in the manner you need it most. We also remain focused on maintaining strong and consistent financial performance, enhancing our infrastructure and delivery channels and
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