Grenada Co-operative Bank Limited is the proud recipient of the inaugural ECCU Bank of the Year Award for Risk Management.
The announcement was made during the 24th Sir Arthur Lewis Memorial Lecture and Awards Ceremony at the Eastern Caribbean Central Bank Headquarters in St Kitts on Wednesday, 6 November 2019.
Leslie Ramdhanny, Deputy Chairman of the bank’s Board of Directors, was among the representatives present at the ceremony and accepted the award on behalf of the bank.
The award recognised Co-op Bank’s efforts in implementing and utilising best practices in managing risk. To be chosen for this prestigious award, the Bank had to demonstrate effective risk management processes, policies and systems including risk treatment plans and risk management training; the adoption of risk management best practices; and improvements made to the Bank’s Risk Management function over the past year.
Receiving this award is a major game-changer for Co-op Bank. To the Board, Management and staff, this award sets a higher mark for the bank’s performance management systems, the consistent application and demonstration of best practice governance principles, risk management practices and business conduct.
To the stakeholders and the wider public, this award is a bold vote of confidence in the Bank’s commitment to and demonstration of its corporate promise to ensure prudent governance, compliance, risk and financial management; driven by a decisive, inspiring, strategy focused leadership team and staff. Such a public declaration augers very well for the bank’s brand, reputation and its position of trust and influence with strategic alliances, counterparty and correspondent relationships and most importantly with shareholders and the customers we serve.
Co-op Bank was shortlisted along with other renowned financial competitors in the regional industry for the Financial Education and Empowerment, Risk Management and Technological Innovation categories. The bank is therefore honoured to have been chosen for the category of Risk Management.