Sat | Sep 18, 2021

Changes at CCCU

Published:Friday | February 26, 2010 | 12:00 AM

ur headline,
'Bad debts force changes at Churches', on Page 8 of last week's

Financial Gleaner

, was incorrect. It is also incorrect to state that the organisation is struggling under the weight of a large non-performing loan portfolio. We regret these errors.

For clarification, the following statement from Churches Cooperative Credit Union is being published:

Churches Cooperative Credit Union (CCCU), one of the country's largest credit unions, is in the throes of reorganising in a proactive bid to be an even more efficient financial institution.

In order to meet the challenges ahead, CCCU has made a commitment to build a strong management team that maintains and supports its exceptional leadership and organisational structure. Through its recent reorganisation exercise, the company decided to focus on its strengths and enter into new business areas through its subsidiary, CCU Investments Limited, in order to generate greater growth and provide superior service to its customers.

"The company has been realigned through four divisions in order to focus on recruiting, training and maintaining staff to improve the execution of service delivery throughout the entire organisation," said Basil Naar, CCCU general manager.

"Our reorganisation speaks to streamlining for greater efficiency and crossfunctionality," he continued.

The company's reorganisation exercise was done with the customers' needs and expectations in mind. The objective was to create an environment for improved customer service and consumer transactions. CCCU's staff also played an important role during the reorganisation activities as their involvement in the process enabled them to understand the company's rationale for introducing improved practices into its daily operations.

"We utilise our staff and customer satisfaction surveys, as well as our budget, to measure our achievements relative to our targets and to ensure that each staff member has quantitative objectives to support the overall strategic objectives," said Naar.

The company is looking to exceed its current staff rating of 72 per cent and customer rating of 90 per cent, as well as maintain its 98 per cent customer-retention rating.

Financially, CCCU is attempting to grow its assets by a minimum of 12 per cent and increase deposits by at least 16 per cent. Additionally, the company is aiming to better align its net income with the rate of inflation.

Churches Cooperative Credit Union and CCU Investments are constantly looking at world-class service delivery practices across a spectrum of service companies, both financial and non-financial. The companies understand the important role its clientele base has played in its success and will be looking to support the wider Jamaican society, particularly in the area of entrepre-neurism, in the year ahead.

Effective January 1, 2010, the company's new organisation chart is as follows:

The position of general manager will be renamed chief executive officer.

The AGM - finance and administration, Caswell Linton, will assume the position of general manager - CCU Investments Ltd.

The position of AGM - finance and administration, will be renamed general manager - finance and planning.

The position of AGM - retail and system will be renamed general manager - retail, systems and operations. The Operations, Risk and Compliance Department will now fall under this division.

The position of AGM - credit administration and operations will be renamed general manager - credit administration and loan risk.

Established in 1971, Churches Cooperative Credit Union (CCCU) has been a member of the Jamaica Cooperative Credit Union League since 1977. As the island's second-largest credit union, the organisation provides its membership with a comprehensive range of financial services, including savings and investment accounts, loans and insurance packages. Through its subsidiary, CCU Investments, the company manages its clientele's pension fund.