16 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Board of Directors’ Report Overview “Despite facing global and local headwinds, the Barbados economy sustained its growth trajectory, driven by the robust performance of the tourism sector. Amidst challenges such as elevated foreign interest rates, geopolitical tensions, and local climatic events affecting agricultural output and local prices, the Barbadian economy demonstrated resilience…” The above extract from the 31 January 2024 Central Bank of Barbados’ Review of Barbados’ Economy in 2023 appropriately summarises the mixed fortunes of the past year which, while trending in the right direction from a macro-economic perspective, has not been an easy one at the household and individual level. Internationally there has been turbulence across the major economies with economic conditions of our major trading partners being characterised by rising interest rates and inflation – conditions that have in turn impacted our members and employees in various forms, in the management of your day to day affairs. Outside of economic conditions, the credit union as an entity has also been navigating a changing landscape as the sector on a whole was confronted with operational challenges, regulatory changes and technological advancements and threats from bad actors in the space. Some of the most significant factors included: • Risk Management - Heightened risks associated with e-commerce fraud, data protection compliance and other operational risk elements required us to revisit risk management practices, enhance internal controls, and review our contingency plans to safeguard financial stability and protect member interests. • Regulatory Changes - evolving regulatory frameworks and compliance requirements especially in areas such as data protection and governance. • Technological Threats - frequency of attacks on members’ debit cards through fraudulent e-commerce transactions at online merchants. These factors that have necessitated the need to ensure flexibility in our operational model as we adjusted to evolving needs and expectations. The prevailing cost of living, driven by the volatility in the international market, still continues to be a major challenge that has tested the average Barbadian’s resilience and ability to adapt. Despite this, we, the Board of Directors of the Barbados Public Workers’ Co-operative Credit Union Ltd., remain optimistic “ We are proud of what we have accomplished from an operational, member service and community perspective.
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