URBRA prepares sector service providers For new Electronic Risk-Based Supervision System

Lillian Kakayi

Lillian Kakayi

Communication and Public Affairs Officer

Retirement Benefits Sector stakeholders have expressed confidence that URBRA’s new Risk-Based Supervision system will improve documentation of records, reduce the time spent in physical interactions with the regulator and ease the handling of data and sensitive information.

This was during a user training implemented by URBRA, ahead of the official launch of the system, codenamed “The New URBRA Bridge”.

The training attracted Trustees, Fund Managers and Administrators, all prospective users of the system. They were introduced to the key modules and features of the system which include: Accounts Creation and Access Rights: Licensing and Renewal Application; filing returns; Collaboration of System with Regulator, Clients, and ADHOCs.

Among its key advantages, the risk-based supervision system ensures compliance with regulatory data quality requirements; allows for seamless exchange of information with key players like Uganda Revenue Authority (URA), National Social Security Fund (NSSF); and streamlines processes for licence application and renewal.

The system further enables timely and accurate submission of financial and operational returns. It also provides for ad hoc submissions which include change of scheme details, change of participating employer details, scheme mergers, AGM (Annual General Meeting) records, inspection scheduling, actuary approval, trustee changes, auditor approval, and budget submission.

During the session, stakeholders raised concern about the protection of whistle blowers on the system, but got reassurance from the URBRA legal team that the current robust complaints-handling system will not be compromised.

URBRA CEO, Mr. Martin A. Nsubuga gives opening remarks at the ERBSS System training.

The Chief Manager Supervision and Market Conduct also assured prospective users that the URBRA IT team would support them to familiarize with the system, and an inbuilt user manual would be available for easy reference.

The CEO of URBRA, Mr. Martin Nsubuga, expressed appreciation for the efforts of the project team, led by Ms. Daisy Director- Supervision and Market Conduct, and the consultants involved in developing the Electronic Risk-Based Supervision System since 2019. The CEO also acknowledged the contributions of the advisory framework team, research and strategy, supervision, and legal teams.