Ladies and gentlemen, we live in a time where transactions and products are becoming more complex, leaving institutions, both big and small, vulnerable to failure. Therefore, establishing proper safety nets is critical. I urge participants, as you return to your respective countries, to continuously review and benchmark your operations against international principles and best practices.
The World Council of Credit Unions and International Credit Union Principles on Governance, Operations and Safety and Soundness have much guidance to offer in these areas, as do your facilitators. The importance of innovation Let me touch a little on innovation, something which is very important if credit unions are to remain relevant and competitive in today’s dynamic environment.