Page 15 - ECU_Annual_Report_2018

Annual Report 2018 EASTERN CREDIT UNION

• No evidence was seen regarding any action taken to improve customer service, strengthen
member care or intensify member engagement .One reason for ongoing poor performance may
have to do with outdated systems, another inadequate or unsuitable performance management
system and a third, the superimposition of technology on obsolete systems and processes.

• Open some Branches on Saturdays to handle loans as a means of improving customer service and
increasing revenue.

• Employees need to be more informed, as in many instances they cannot supply basic information
to members.

• One suggestion was that the Risk Management Committee should be combined with the
Investments Committee. An opposing view was that it should be maintained as a separate entity
since risk is a major variable in financial institutions. The Committee should focus its attention on
three main risk factors: Cybercrime, Fraud and Reputational Risk.

• Assess the viability of maintaining the Bureau de Change especially since the licence is obtained
at a cost.

• In addition to listing the various Committees, information on their performance, the work done
and whether all Directors were appointed to Committees should be included.

The Group CEO outlined a number of deliverables earmarked to transform the system:
• Review of the performance management system now that the job evaluation exercise has been
completed.

• Negotiations with the union with regard to altering job descriptions and job expectations.

• Institute mechanism to train all employees as financial analysts.

The following feedback was given in response to comments made or queries raised:
• Issues identified by a member survey were addressed.

• Improvements were made to the Arima, Sangre Grande, Barataria and Tobago Branches.

• Search is ongoing for a suitable location to house the Chaguanas Branch.

• The Administrative Floor was renovated and refurbished and named the “Stephanie Wilson
Administrative Floor” in honour of one of ECU’s founders.

NAVIGATING THE FUTURE TOGETHER 13