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Following the amendment of the NSSF Act in January 2022, we are now mandated by law to provide social security services to all workers in formal and informal employment under the private sector. Under provisions of the NSSF Amendment Act 2022 anyone can now save with NSSF for their retirement.
We are proud to present our digital integrated report to you for the year ending 30 June 2022.
Following the amendment of the NSSF Act in January 2022, we are now mandated by law to provide social security services to all workers in formal and informal employment under the private sector. Under provisions of the NSSF Amendment Act 2022 anyone can now save with NSSF for their retirement.
We are proud to present our digital integrated report to you for the year ending 30 June 2022.
This report discloses information about matters that substantively affect our ability to create value over the short, medium, and long term.
Short-term refers to 12-18 months, medium-term 18 months to 5 years, long-term is 5 years and beyond.
Our materiality determination process is continually assessed by our Board to ensure relevance of our strategy.
Identify matters by scanning the internal and external environment
Prioritise matters and formulate the strategic risks and opportunity register
Define strategy and targets incorporating performance measures
This report may contain forward-looking statements with respect to the Fund’s future performance and prospects.
While these statements represent our judgment and future expectations at the time of preparing this report, several emerging risks, uncertainties, and other key factors could cause actual results to differ materially from our expectations. These include factors that could adversely affect our business and financial performance.
Outlook information comprises challenges, opportunities, and disruptive factors we have identified that have the potential to affect the achievement of our strategic objectives and our mitigating response as well as opportunities identified. Outlook information can be found throughout this report; however, most of this information can be found in our outlook section.
The Internal Audit function supports the integrity and transparency underlying integrated reporting, by providing an independent reassurance on business sustainability. Internal Audit’s role is achieved through providing assurance on financial, as well as non-financial reporting, governance, risk management, and control processes supporting the main objectives of integrated reporting.
The Internal Audit function provides independent and objective assurance of the design and operating effectiveness of the framework of risk management, controls, and governance processes, focusing on the areas of greatest risk.
The external auditors undertake audits of the Annual Financial Statements. The Auditor General appointed PwC Uganda to conduct an annual audit of the National Social Security Fund for the year ending 30 June 2022. The auditors issued an unqualified audit opinion, in accordance with International Financial Reporting Standards and in the manner required by the Uganda Retirement Benefits Regulatory Authority Act and the NSSF Act, a testament of the Fund’s healthy financial state.
Accountability is clear within the three lines of defence model, with assurance providers working together to provide coordinated assurance. Enterprise Risk Management, Legal, and Internal Audit work collaboratively to provide combined assurance on risk, compliance, and internal controls. Combined assurance ensures that there is comprehensiveness in terms of coverage and avoidance of duplication. Assurance is provided on financial and non-financial information.
Key components of the integrated report, such as governance, risk management and controls are assured.
First line of defence
Second line of defence
Third line of defence
The Internal Audit function supports the integrity and transparency underlying integrated reporting, by providing an independent reassurance on business sustainability. Internal Audit’s role is achieved through providing assurance on financial, as well as non-financial reporting, governance, risk management, and control processes supporting the main objectives of integrated reporting.
The Internal Audit function provides independent and objective assurance of the design and operating effectiveness of the framework of risk management, controls, and governance processes, focusing on the areas of greatest risk.
The external auditors undertake audits of the Annual Financial Statements. The Auditor General appointed PwC Uganda to conduct an annual audit of the National Social Security Fund for the year ending 30 June 2022. The auditors issued an unqualified audit opinion, in accordance with International Financial Reporting Standards and in the manner required by the Uganda Retirement Benefits Regulatory Authority Act and the NSSF Act, a testament of the Fund’s healthy financial state.
Accountability is clear within the three lines of defence model, with assurance providers working together to provide coordinated assurance. Enterprise Risk Management, Legal, and Internal Audit work collaboratively to provide combined assurance on risk, compliance, and internal controls. Combined assurance ensures that there is comprehensiveness in terms of coverage and avoidance of duplication. Assurance is provided on financial and non-financial information.
Key components of the integrated report, such as governance, risk management and controls are assured.
First line of defence
Second line of defence
Third line of defence
← Internal Audit function supports the integrity and transparency of the Fund’s business
Internal Audit function supports the integrity and transparency of the Fund’s business
Manufactured capital through the review of the information technology infrastructure such as the implementation of the Pension Administration System and the review of the governance and business processes and/or systems. IA also reviewed the management of the Fund’s properties and the development of the real estate projects.
Financial capital through the review of the contributions, investments, and benefits processes to obtain competitive returns, to safeguard and deliver value for members. The financial reporting processes were reviewed to give assurance on the accuracy, completeness, and integrity of the financial information.
Human capital through the review of key human resource processes such as recruitment, reward, performance management and training, occupational health and safety and security.
Social and relationship capital through the review and evaluation of the Fund’s strategic partnerships, third party providers such as suppliers, banks, contractors, customers, investee companies and corporate social responsibility activities.
Natural capital through the review of the Environmental, Social and Governance (ESG) frameworks and the compliance requirements within the Fund and the potential equity investment partners. IA also reviewed property and fleet management processes to evaluate the consumption of energy and water.
Intellectual capital through the review of the policies, procedures, and frameworks within the Fund. IA reviewed marketing and communication to evaluate the Fund’s reputation and brand image.
IA has widened the scope in the audit plan for FY 2022/23 to incorporate additional procedures to measure and monitor the non-financial capitals and provide comprehensive assurance.
Manufactured capital through the review of the information technology infrastructure such as the implementation of the Pension Administration System and the review of the governance and business processes and/or systems. IA also reviewed the management of the Fund’s properties and the development of the real estate projects.
Financial capital through the review of the contributions, investments, and benefits processes to obtain competitive returns, to safeguard and deliver value for members. The financial reporting processes were reviewed to give assurance on the accuracy, completeness, and integrity of the financial information.
Human capital through the review of key human resource processes such as recruitment, reward, performance management and training, occupational health and safety and security.
Social and relationship capital through the review and evaluation of the Fund’s strategic partnerships, third party providers such as suppliers, banks, contractors, customers, investee companies and corporate social responsibility activities.
Natural capital through the review of the Environmental, Social and Governance (ESG) frameworks and the compliance requirements within the Fund and the potential equity investment partners. IA also reviewed property and fleet management processes to evaluate the consumption of energy and water.
Intellectual capital through the review of the policies, procedures, and frameworks within the Fund. IA reviewed marketing and communication to evaluate the Fund’s reputation and brand image.
IA has widened the scope in the audit plan for FY 2022/23 to incorporate additional procedures to measure and monitor the non-financial capitals and provide comprehensive assurance.