Bahamian credit unions have been warned that the country’s first-ever credit bureau will require all financial institutions to “rethink the way we do business”.

The Bahamas Co-Operative League (BCLL), in a statement, said it hosted Enterprise-wide risk management training on Saturday, April 27, via an event that brought together representatives from all credit unions in a bid to enhance risk management practices within the movement.

The training, conducted by the Bahamas Institute of Financial Services (BIFS), featured presenters such as Jermaine Williams, a council member and deputy education chairman at BIFS.

Mr Williams highlighted the importance of strategic positioning in uncertain times, saying: “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 CRIF Information Services Bahamas, the country’s first-ever credit bureau, Mr Williams said: “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, Christine Archer, chief compliance and money laundering reporting officer, and a seasoned BIFS trainer, emphasised the critical role of organisation culture.

Mrs Archer said: “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 organisation that would lead to success.”

Theresa Deleveaux, the Bahamas Co-operative League’s (BCLL) president, said: “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 the evolving financial landscape.