20 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Board of Directors’ Report (Continued) wide risk management oversight. This increased capacity has facilitated greater collaboration with business units and subsidiaries, improved monitoring activities, and provided stronger support for risk management initiatives across the Group. Risk management remains essential in safeguarding the interests of members, clients, employees, and other stakeholders to ensure that risks are properly identified, assessed, monitored, and managed throughout the Group. In alignment with regulatory requirements, supervisory expectations, and industry best practices, oversight of strategic, credit, operational, compliance, liquidity, technology, information security, and emerging risks was maintained. Risk assessments and monitoring activities were conducted across the Group to ensure that key risks remained within acceptable tolerance levels and that appropriate mitigation measures were implemented when necessary. A major focus during the year was the enhancement of risk reporting and management information. Improvements were made to reporting packages presented to key stakeholders to ensure that decision makers receive timely, relevant, and actionable risk information. Enhancements to risk registers, key risk indicators, risk dashboards, and risk assessment methodologies have strengthened the Group’s ability to identify trends, monitor exposures, and respond proactively to emerging risks. These enhancements provided stakeholders with greater insight into potential vulnerabilities and supported more informed strategic and capital planning decisions. Risk management training and awareness initiatives were conducted to enhance understanding of risk management principles, individual accountability, and the role that all employees play in managing risk. Through ongoing engagement, efforts were made to further embed risk management into business planning, operational activities, and day-to-day decisionmaking. These initiatives have collectively advanced the Group’s risk management framework by enhancing the integration of risk factors into strategic, operational, and business decision-making processes. Throughout the year, regulatory compliance was prioritized by maintaining oversight of regulatory examination findings, recommendations, and remediation plans, to track progress, resolve outstanding issues, and facilitate the timely closure of regulatory actions. This co-operative approach has strengthened governance, improved controls, and ensured ongoing alignment with regulatory expectations. Credit risk oversight remained a significant focus area with independent evaluations of lending activities, portfolio performance, and key credit risk indicators being conducted to support prudent lending practices and identify opportunities for continuous improvement. Additionally, improved oversight of operational and technology-related risks was reviewed through internal controls, operational processes, business continuity arrangements, and information security considerations. As the Group increasingly adopts digital solutions and evolving business models, managing technology and cybersecurity risks remains strategically important. We will continue to focus on enhancing the maturity of the Group’s ERM Framework, improving risk analytics and reporting capabilities, supporting the implementation of key risk indicators across business units, advancing stress testing and scenario analysis practices, and further embedding a proactive risk culture throughout the organization. Emphasis will be placed on strengthening enterprise-wide oversight across the Group’s expanding operations, ensuring that risk management evolves in line with the Group’s growth, strategic objectives, and regulatory expectations. Through our collective efforts, we remain committed to protecting the interests of our members and stakeholders while supporting the longterm strength, resilience, and sustainability of the Group. Property Matters During the financial year in review, we were able to attend to the general maintenance of our owned properties and rented spaces for the Group, i.e. both the BPWCCUL properties and those being rented by our subsidiary CAPITA Financial Services Ltd., both here in Barbados and in St. Lucia. Apart from the usual maintenance matters, the following are the highlights for the period. Access Control & CCTV Project As part of our ongoing organizational security upgrade, we have successfully engaged a new provider to modernize and strengthen our systems across the BPW Group property network. This initiative includes the construction of new facilities to support centralized monitoring and operations, ensuring improved oversight and resilience. Key infrastructure enhancements are underway at our Belmont Road location, with supporting works progressing on schedule to accommodate the upgraded systems. The project is advancing steadily, with new access control equipment already received and cleared, and additional systems currently in transit. Implementation will continue in phases as part of a wider program designed to meet our compliance obligations and reinforce security across all locations. This investment reflects our commitment to safeguarding our operations and ensuring that our facilities remain secure, efficient, and aligned with best practices.
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