26 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Board of Directors’ Report (Continued) focused experience for all. As noted in last year’s report having partnered with Cornerstone Advisors, recognised experts in the North American credit union sector, we performed a detailed assessment of our technological needs and created a phased roadmap to address critical gaps and position the organisation for long-term success. One of our key achievements this year in moving along that transformation roadmap is a project to launch a new, modern online and mobile banking platform, designed to provide a seamless and secure experience. With advanced features such as multi-factor authentication, biometric access, and the ability to view all accounts—including joint accounts—in a single interface, members will be able to enjoy enhanced convenience and security during the course of April 2025 when these services launch. Building on this momentum, we are also preparing to introduce online loan applications and a streamlined online member application process, enabling members to complete these tasks entirely online. To further enhance security as we transition to more online delivery of services, we are implementing “3D Secure” technology to protect online card transactions by verifying cardholder identity; completion is currently scheduled to be by the end of 2025. At the subsidiary level, a website redesign project for Capita Financial Services Inc. is progressing well, with completion scheduled for the third quarter. Successful conclusion of this project will deliver a modern, intuitive platform with improved functionality and member experience. To ensure oversight and continued progress on all of our technology related projects, Management will conclude the establishment of a Transformation Council, tasked with overseeing the execution of our digital strategy, by August 2025. These initiatives collectively demonstrate our ongoing commitment to delivering value to our members and to creating a more efficient and resilient future for our Credit Union. Cybersecurity & Cyber Incident Mitigation In 2024, we continued to take steps to ensure the integrity of your information and to ensure our systems are robust against evolving threats. We strengthened our email security by implementing advanced filtering and real-time monitoring of attachments, enabling swift responses to suspicious activities. Additionally, we migrated our email services to Microsoft 365, complemented by a cloud security platform, enhancing protection against cyber threats. We initiated the first phase of our network redesign to improve security and resilience, and to stay ahead of potential threats we deployed advanced threat detection systems capable of identifying adversarial behaviour even without malware presence. Preparedness for potential disruptions was a priority, with rigorous testing of our Disaster Recovery site ensuring minimal downtime. We also maintained and replaced computer hardware, including core banking servers, to ensure high system availability and physical resilience was enhanced through the replacement of our UPS devices and the introduction of a secure backup solution. Whistleblowing We are pleased to announce the launch of our whistleblowing framework, a secure and anonymous platform for reporting concerns developed in partnership with Navex Global, a leader in whistleblowing solutions. The framework includes confidential reporting channels such as a multilingual contact centre, web-based reporting, and anonymous submissions and is fully compliant with the Whistle-blower Protection Act, 202129. The implementation and roll-out of our whistleblowing initiative reinforces our commitment to combating corruption and unethical practices and strengthens corporate governance by encouraging transparency, accountability, and ethical behaviour across our organization. Strategically, the framework is intended to enhance stakeholder trust by ensuring concerns are addressed promptly and fairly while mitigating risks through early detection of misconduct. Community and Member Engagement We firmly believe that our success is deeply rooted in the well-being and growth of the communities we serve and in this regard the Credit Union continued to play a pivotal role in enhancing its social impact and community footprint, through a combination of strategic educational support, stakeholder engagement, outreach initiatives, and relationship-building efforts. During the year we strengthened our ties with members, partners, and the wider community in the following areas, doing so while upholding the values and cooperative principles to which we subscribe. Empowering Through Education Education remained a cornerstone of our efforts. We hosted multiple member sessions including “Maximize Your Decision-Making Power” equipping members with practical financial knowledge on estate planning and power of attorney services. Our hosted familiarisation webinars have been a valuable resource, helping both new and long-standing members maximise the benefits of their credit union membership. Additionally, we awarded $150,155 in educational grants to support tertiary studies, reflecting our commitment to lifelong learning.
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