1. CARIBBEAN CONFEDERATION OF CREDIT UNIONS
61ST ANNUAL INTERNATIONAL CONVENTION
TRINIDAD AND TOBAGO 2018

2. Trinidad & Tobago
Unit Trust
Corporation

3. Who
Are
We?

4. The Credit
Union
Movement

5. TT$14Bn Assets Under Management
Many Credit Unions established over 50 years ago
Who
Over 129 active Credit Unions in T&T
Are
Over 600,000 members
You?
TT$14Bn Assets Under Management

6. Meeting of Minds People centered financial institutions
Service oriented of
Minds
Home grown (Indigenous)

7. RAPID GROWTH!!! Meeting of Minds
Credit Unions in Trinidad and Tobago grew from AUM TT$5 Billion to TT$13 Billion in 8 years (2005 – 2013) of
Minds
UTC grew from AUM TT$1 Billion to TT$15 Billion in 10 years (1996 – 2006)

8. VALUE PROPOSITION
The UTC and the Credit Union sector have many similarities, share much of the same clientele and together form a critical part of the fabric of domestic indigenous financial institutions.
Over the last decade Credit Unions have grown significantly. However, rapid growth brings many challenges. The UTC has had to address many such challenges during the last decade, as a result of our rapid growth over the past 20 years from TT$1 Billion to TT$20 Billion in AUM.
The UTC is in a unique position to transfer knowledge to the Credit Union movement to manage these challenges, especially in the areas of Investment Management and Enterprise Risk Management.

9. Credit Union Institutional Strengthening
Symphony
Credit Union Institutional Strengthening

10. SYMPHONY /’simf(э)ni/ Noun,
1. an instrumental piece, often in several movements, forming overture to an opera or the like.
2. anything characterized by a harmonious combination of elements, especially an effective combination of colors.
3. harmony of sounds.

11. SYMPHONY
Credit Union Movement
Unit Trust Corporation

12. Introduction
Symphony seeks to enhance the institutional capacity of the Credit Union sector, specifically in the areas of Investment Management and Enterprise Risk Management. These will be achieved while simultaneously deepening the Unit Trust’s relationship with the Credit Union Sector.

13. Investment Management Services
Overview
Project Symphony is aimed at:
Strengthening the Credit Union movement through capacity building;
Enhancing the relationship between the UTC and the Credit Union movement
Enterprise
Risk Management
Investment Management Services
This will be conducted under two broad areas:

14. Benefits UTC CREDIT UNIONS OTHER STAKEHOLDERS
Leveraging an existing skill set for the benefit of the Credit Union movement.
Strengthening of relationship with core UTC clientele
CREDIT UNIONS
Developing stronger Investment Management capability
Developing robust Enterprise Risk Management Frameworks
OTHER STAKEHOLDERS
Enhancing protection of members’ savings at Credit Unions
Improved level of comfort for Auditors and Regulators in terms of these key Board and Management capabilities

15. Background
UTC met with the Trinidad and Tobago Commissioner of Cooperatives, who is the Regulator for Credit Unions in May 2017 to discuss Symphony.
A sample of fourteen (14) Credit Unions across Trinidad & Tobago between June and August, were visited. The fourteen Credit Unions were selected based on Credit Union Size i.e. Assets Under Management (Small/Medium/Large); Credit Union orientation (Open circuit/Closed circuit); and geographic location (North/South/East/West/Tobago).
These visits to Credit Unions across Trinidad & Tobago confirmed that there is strong interest from the Credit Unions in building capacity in the two aforementioned areas.

16. INVESTMENT MANAGEMENT

17. Overview
The creation of customized Investment Policies for Credit Unions complemented by training in the application and maintenance of the Investment Policy. Major Deliverables are: 01
Investment Policy 02 03
Managed Accounts
Training
A customized Investment Policy for the Credit Union
Training for Management and Board of Directors in the application and maintenance of the Investment Policy
Managed Investment Portfolios for the Credit Union

18. ENTERPRISE RISK MANAGEMENT

19. Overview 3 2 1 Three phases of roll out are: Enhanced Capabilities
Setting the Foundation
(Gap Analysis)
Seeks to identify the “current state” and “desired state”; Adopt a common risk language; Determine Key Risk Indicators; Create ERM Dashboard
Building Competencies
Improves risk culture, introduces risk assessments and risk prioritization and risk responses
Enhanced Capabilities
ERM is a standard practice, financial performance improves and operational costs are reduced. A CULTURE of risk management is entrenched 1 2 3

20. Overview
Training for the ERM components will focus on individual Credit Unions, as the specific requirements may differ for each entity. Deliverables for each phase are:
Setting the Foundation (Gap Analysis) 01 02
Building Competencies 03
Enhanced Capabilities
Defining (risk) culture
Risk Management Glossary
Risk Appetite Statement
Streamlining risk related information to the Board of Directors
Risk Assessments
Identification of Risk Owners
Clearly Articulated Risk Responses
Process for risk based review and external environment

21. BETA TESTING

22. Beta Testing Value/Viability Appropriateness Cost
Testing was conducted with two Credit Unions and as such we are able to confirm the following:
Value/Viability
The initiative is valuable and viable for the Credit Union and UTC.
Appropriateness
The appropriate timeframe estimated for the successful completion of each train will vary with each Credit Union. However, it is dependent on the commitment by the Board and Management.
Cost
The models are designed to be scalable.

23. NEXT STEPS

24. LAUNCH

25. WE ARE AT YOUR SERVICE

26. THANK YOU