Lack of data analysts fuelling fraud in provident schemes - minister

Mr Aston Kajara, the State minister for Finance in charge of Privatisation

Kampala. The Ministry of Finance has asked government to embark on serious actuarial training in the country so that financial institutions, Insurance Companies and pension schemes can benefit from the service.
An actuarial analyst is a scientist and business professional who analyses financial risks involved in investing provident funds.
Their services also involve assessing the financial security of investing the money held in pension schemes, insurance companies and financial institutions like banks which hold large sums of money using mathematical systems.
While launching a new academic programme, The Certified Actuarial Analyst Qualification on Wednesday, State minister for Financein charge of Privatisation Aston Kajara said Uganda, just like other developing countries, is faced with many financial risks which actuarial scientists would be able to detect early and mitigate especially in institutions where large sums of money are handled.
“We are aware that there is a new worldwide demand for actuarial analysts because of the many emerging development issues like agricultural insurance, retirement benefit schemes and health insurance,” he said.
The programme, which is now available at the Makerere University College of Business and Management, is the first in East and Central Africa and is aimed at shaping and transforming financial services in the region.
Dr Hisali Eria, the Makerere University acting Principal College of Business and Management Studies, welcomed the suggestion saying this is the time for Uganda to start training its own experts in actuary which should increase the visibility of the profession. “In addition to conferences and research programmes, this is the time for us to start training our own experts and create and institute for shaping and transforming financial services in East Africa and Actuary,” he said.
Haji Ibrahim Kaddunabi, the Chief Executive Officer of the Insurance Regulatory Authority, said the launch of the Certified Actuarial Analyst Qualification in Africa and in Uganda in particular is a clear testimony that Uganda is doing what is accepted in the actuarial world.
“We made it a requirement for all life and health insurance companies to carry out actuarial studies and to quantify financial risks as well as employ persons with actuarial qualifications like certified Actuarial Analysts,” he said, adding that there are numerous opportunities in insurance and retirement benefits sectors.

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