Tied to our vision, anchored by our values, building on our strengths
Our governance structure provides for FIVE levels of monitoring all coming together to provide an intricate network of supervision
and cross supervision.
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The Audit Committee of the board is responsible for reviewing all matters of accounting and finance and making
periodic recommendations to the Board.
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The Internal Auditor is an independent professional reporting directly to the Board of Directors on decisions and
actions of management.
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The Supervisory and Compliance Committee serves as the Credit Union’s watchdog ensuring that decisions of
the Board of Directors are always in line with our bylaws and legislation and that members’ interests are always
protected.
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The Grenada Co-operative League who in some ways serve as the last stopper official before the GARFIN ecounter.
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Then there is Grenada Authority for the Regulation of Financial Institutions (GARFIN), they are the Government
Regulators for credit unions in Grenada and the wider non-banking financial sector.
During the months of October and November 2013 GARFIN conducted a full-blown risk-based assessment of the credit union. I
am happy to report that we received an overall rating of 2.5 on a scale of 1-5 with 1 being Excellent. As president, I wish to reaffirm my commitment to working with our regulators to further strengthen the credit union’s overall governance and performance.
Looking forward to 2014 and beyond
Despite the current economic and financial challenges that our nation and people face, this is not a time to decelerate. We must
carefully examine our ‘game plan’ as we confront an unpredictable future. It is no secret that we will have less disposable income
in 2014, and this could remain so for the next three years. The big question is how should we react? The Credit Union that we
now know is far different to the one we knew 5 years ago when the Global Economic Crisis began. That is exactly why your Board
of Directors along with Senior Management and elected committees members have been working on a five year strategic plan
which will serve as our roadmap for the next five years.
We simply cannot take the wait and see approach. If we ought to survive and maintain our vision of “being the leading cre F