The major uncertainties for the Fund in the FY 2021/22 related to the top 12 risks described in the tables below.
In the first half of the year, the Covid-19 pandemic was not only the biggest threat to health and safety at the workplace, it led to a major disruption to business operations.
In response, the Fund enabled its employees to work from home by providing the necessary technology tools, as well as ensuring that the staff were vaccinated. As of 30 June 2022, 98% of the staff had been fully vaccinated.
The pandemic accelerated our digitisation programme in the following ways:
These strengthened our business continuity capability.
Covid-19 has been largely contained in most parts of the world. However, sporadic infections may occur in any part of the world, any time.
The Fund will continue to sensitise staff on standard operating procedures
The amendment of the Act created the following opportunities:
The volume of claims is expected to increase significantly after the declaration of interest in September 2022.
As usual, cash flow forecasts will be undertaken, and shortfalls addressed.
Interest rates on treasury bonds remained relatively high.
Interest rates are likely to remain high due to the increasing government appetite for domestic borrowing.
Inflation is expected to increase in the short term if the sanctions on Russia remain in place. Management will enhance cost management measures.
The Fund’s good reputation helps it to increase enrollment of new members and attract exiting members to register as voluntary contributors.
No major incidents are expected to affect the image of the Fund in the near future.
The new pension system will enable additional efficiencies and support the Fund’s aspiration of paying benefits to members within 24 hours.
Issues that affected system availability are being worked on; it is expected that in the short term, system uptime will significantly improve.
The new system has come with enhanced security features, capable of preventing, detecting, and containing sophisticated cyber-attacks.
With the ongoing programme of decommissioning of the old systems, it is expected that vulnerabilities arising from system obsolescence will be eradicated.