Nassau, Bahamas – The Bahamas Co-operative League Limited (BCLL) proudly hosted an insightful Enterprise-Wide Risk Management Training on Saturday, April 27, 2024. This valuable event brought together representatives from all the credit unions across the Bahamas, fostering a collaborative environment aimed at enhancing risk management practices within the movement.
The training, conducted by the esteemed Bahamas Institute of Financial Services (BIFS), featured distinguished presenters who delivered invaluable insights and expertise. In the morning session, participants were enriched by the expertise of Mr. Jermaine Williams, a Council Member and Deputy Education Chairman at BIFS.
Mr. Williams highlighted the importance of strategic positioning in uncertain times, stating, “Risk management is about measuring uncertainty. We are certainly in uncertain times, and this is a good position for the credit union to strategically position itself.”
Addressing the transformative impact of the Credit Reporting Information System (CRIF), Mr. Williams emphasized the need for proactive adaptation, stating, “CRIF is going to cause us to rethink our policies, our procedures, just overall the way we do business.”
Reflecting on the importance of enterprise risk management, Mrs. Christine Archer, Chief Compliance and Money Laundering Reporting Officer, and a seasoned BIFS Trainer, emphasized the critical role of organizational culture. Mrs. Archer remarked, “One of the key things with regard to enterprise risk management is making sure that the tone from the top is what is trickled down to the employees. That tone from the top and from senior management encourages staff to know the strategy, the mission, the values, and that is what generates a culture in an organization that would lead to success.”
President of The Bahamas Co-operative League Limited (BCLL), Ms. Theresa Deleveaux, expressed her appreciation for the continuous commitment to training within credit unions, stating, “Credit Unions have consistent training as it is an important offering in-house and often times even training opportunities that the general public can benefit from.”
The Enterprise-Wide Risk Management Training provided credit union representatives with invaluable knowledge and tools to navigate evolving financial landscapes effectively. BCLL remains dedicated to fostering collaboration and advancing professional development within the financial sector.
