Risk management is the process of identifying, analysing, accepting, mitigating or transferring uncertainty in investment decisions. Fund managers apply risk management by analysing and attempting to quantify the potential loss of an investment and then acting accordingly.

Institutions are being transformed thanks to the integration of new technologies. This vision represents a corporate change with a social impact, reducing costs, simplifying processes and procedures, and raising awareness of the importance and benefits of this transformation.

The Colombian Pension Administrator (Administradora Colombiana de Pensiones – Colpensiones), a specialized State financial institution linked to the Ministry of Work, is responsible for providing the entitlements and benefits established by the overall social security system.

The Colombian Pension Administrator (Administradora Colombiana de Pensiones – Colpensiones) carried out a study with the support of academics and international experts, looking to build closer and more direct relationships with older people and develop a deeper understanding of their needs. In addition, the study looked to assess the economic dynamics of the different resources and income sources of the silver market, which represents an estimated 12 per cent of the country’s Gross Domestic Product (GDP).

Article 12 of Law No. 5508 on the Promotion, Protection of Maternity and Support for Breastfeeding establishes that maternity allowance should be paid to employed women by the social security scheme of Paraguay’s Social Insurance Institute (Instituto de Previsión Social – IPS). This amount is equivalent to 100 per cent of her salary at the time of delivery, and is paid for the prescribed months of rest. This used to be given to women in a single payment.

Well-being is at the heart of Colombia’s COMPENSAR - Family Allowances Fund (COMPENSAR - Caja de Compensación Familiar). This has been a process of evolution, complemented by Amartya Sen’s theory that “you can understand a person’s well-being by analysing the quality of their life, which can be considered as a set of interrelated “functionings”, consisting of states and actions”.

The issue of population growth and social security planning is one of the biggest challenges facing governments today, and is a key part of a good social security system that instils confidence in its members.

The Retirement and Pension Fund for Employees of Banks and Related Institutions (Caja de Jubilaciones y Pensiones de Empleados de Bancos y Afines) (Bank Fund, hereinafter) is in constant communication with its members. It therefore continuously updates its databases, in order to have a better understanding of members’ current realities, experiences and needs.

The body’s poor assimilation of food leads to a pathological state known as malnutrition, which can take varying degrees of severity and have different clinical manifestations. It is considered a disease with high morbidity and mortality rates.

Digital transformation is happening in institutions through the integration of new technologies. This vision represents an institutional and social change, optimizing available resources, reducing costs, shortening processes and procedures, and raising awareness of the importance and benefits of this transformation.

As part of the process of becoming a flexible and digital organization, COLSUBSIDIO - Colombian Family Allowances Fund (COLSUBSIDIO - Caja Colombiana de Subsidio Familiar) implemented the digitalization of the social housing acquisition process, thereby improving the experience of beneficiaries and optimizing the time spent on the various stages. This is a strategy that contributes to reducing the carbon footprint by avoiding travel and using less paper.

Good practice in health – service quality.

As health-care systems have evolved to become more complex and due to the resultant increase in patients coming to harm in health care settings, patient safety has emerged as a health-care discipline.

The Actuarial Advisory Office (Asesoría Actuarial) of the Social Insurance Institute (Instituto de Previsión Social – IPS) carried out an actuarial valuation of the Common Retirement and Pension Fund (Fondo Común de Jubilaciones y Pensiones). The valuation looks to comply with international best practices and observe the guidelines and standards of the International Standards of Actuarial Practice 2 (ISAP 2), and the ISSA-ILO Guidelines on Actuarial Work for Social Security, with technical support from the International Labour Organization (ILO).

The General Organization for Social Insurance (GOSI) of Saudi Arabia is always seeking to enhance its capacity in information technology (IT). It wants to optimize product development cycle in order to deliver the optimum business-value. Therefore, GOSI is starting an initiative called “Agile transformation programme” which is a key milestone to transform our operating model from “project-centric” to “product-centric” delivery model. This means that it will bring in cross-functional teams covering all the disciplines and resources needed for end-to-end delivery.

This good practice was submitted by the Public Pension Agency (PPA) that is now part of General Organization for Social Insurance (GOSI).

While dealing with the COVID-19 pandemic and cancelling attendance at workplaces to implement the social distancing rule and the application of the remote working system, the problem of communicating with clients arose. Thus, the Public Pension Agency (PPA) of Saudi Arabia decided to launch a number of new ways to enhance communication with clients and external parties, in addition to developing the current digital means.

Like most of the world’s countries, Paraguay has adopted lockdown measures to prevent the spread of COVID-19. These steps taken by the government have impacted the productive sector, leading to mass suspensions of employment contracts for persons insured with the Social Insurance Institute (Instituto de Previsión Social – IPS) of Paraguay.

The General Organization for Social Insurance (GOSI) has proactively worked on avoiding any risks to business continuity, when the pandemic reached Saudi Arabia at the beginning of March 2020 and the government applied new restrictions regarding health matters. These factors affected GOSI’s operations and services and made business continuity more important than ever.

A number of effective measures have been implemented to ensure the services related to the pension and social insurance operations work as planned.

An electronic platform was created to serve the customers of the General Organization for Social Insurance (GOSI) of Saudi Arabia. The main benefit of the service is to facilitate the application process without the need to visit the branch in person. This was done by designing a detailed form for GOSI’s customers to submit their applications electronically.

This good practice was submitted by the Public Pension Agency (PPA) that is now part of General Organization for Social Insurance (GOSI).

The Public Pension Agency (PPA) of Saudi Arabia is keen to ensure business continuity in cases of emergencies, disasters and sudden events that may occur at any time. A business impact analysis on key services was conducted, and a Business Continuity Programme was developed through the preparation of an enterprise-wide strategy, policy, plans, and agreements that would enable it to deal effectively with various crises and disasters.

This good practice was submitted by the Public Pension Agency (PPA) that is now part of General Organization for Social Insurance (GOSI).

Paraguay’s Social Insurance Institute (Instituto de Previsión de Social – IPS) used to make sick leave payments at its administrative offices, which had associated administrative costs and meant beneficiaries had to visit the IPS service counter in person.

The economic, social and health emergency caused by the COVID-19 pandemic resulted in compulsory isolation as a preventive measure to stop the disease spreading among the population, with special emphasis on protecting older adults as the most vulnerable group.

A major challenge facing almost 400,000 small- and medium-sized enterprises (SMEs) is complying with governmental regulations while being able to focus on operations and not getting stretched financially. In this case, SMEs need to comply with Wage Protection System (WPS) but they are faced by service and cost issues at banks.

The General Organization of Social Insurance (GOSI) of Saudi Arabia is a government entity with a matured strategic planning practice. It established its first strategy in 2010 and since then GOSI has worked on refreshing its strategy annually. Because of that, it has established a strategy and performance department to be responsible for its strategic planning and execution role. Since 2016, GOSI has relayed on its internal capabilities on performing the strategic planning and execution process, and invested on tools and dashboards to support these processes.

This good practice was submitted by the Public Pension Agency (PPA) that is now part of General Organization for Social Insurance (GOSI).

The Taqdeer platform initiative was introduced in 2020 to meet the aspirations of the retirees and beneficiaries as clients of the Public Pension Agency (PPA) of Saudi Arabia, in providing additional services through strategic partnerships with the private sector. At its inception, the project faced a number of challenges, such as the lack of similar initiatives that it could be benchmarked against.

The Colombian Pension Administrator (Administradora Colombiana de

The COVID-19 pandemic was one of the largest threats to small- and medium-sized enterprises (SMEs). The lockdown was about to force employers to terminate their employees because of the inability to pay their wages. The General Organization for Social Insurance (GOSI) of Saudi Arabia was quick and agile in submitting to the legislators a recommendation by which employers are not required to pay wages of employees, employees can keep their jobs and the unemployment insurance (SANED) would compensate those employees.

In 2014, the General Organization for Social Insurance (GOSI) of Saudi Arabia aimed to have a performance-oriented culture that relies on key performance indicators (KPIs) to track the deviation from achieving its strategic objectives. Thus, Strategy and Performance Management Department (SPM) was assigned to establish the KPIs and conduct performance review meetings with all other departments across the organization.

Health is a fundamental right in Colombia. However, there are certain segments of the population that because they live in geographically remote regions, have difficulties accessing health services in areas such as prevention, treatment and sourcing quality medicines. In general, the country’s health and medicine-dispensation services are located in the municipal capitals, which can be hard for rural dwellers to reach.

This good practice was submitted by the Public Pension Agency (PPA) that is now part of General Organization for Social Insurance (GOSI).

For the Public Pension Agency (PPA) of Saudi Arabia, digital transformation was one of the most important items on the top management’s agenda. This focus on technology adoption and the concept of digital disruption is not new, but the COVID-19 pandemic altered priorities and put the spotlight on it.

This good practice was submitted by the Public Pension Agency (PPA) that is now part of General Organization for Social Insurance (GOSI).

Our major challenge at the Public Pension Agency (PPA) of Saudi Arabia was to raise the quality of data and pension request outputs, and complete the insurance operations for clients on time. There were also some challenges regarding the overpayments to clients due to lack of accuracy and poor data quality, and moreover its availability on time.

For more than 18 years, the COLSUBSIDIO - Colombian Family Allowances Fund (COLSUBSIDIO - Caja Colombiana de Subsidio Familiar) has been running educational and cultural programmes to support the comprehensive development of children and young people in rural and urban areas, helping to close social gaps.

The General Organization for Social Insurance (GOSI) of Saudi Arabia, since its foundation in 1973, has experienced strong growth and development. It has worked remarkably to achieve its strategic objectives by emphasizing on the application of the governance practices in the organization. Because of that, it has set a dedicated objective for enhancing governance model.

This good practice was submitted by the Public Pension Agency (PPA) that is now part of General Organization for Social Insurance (GOSI).

The Colombian Pension Administrator (Administradora Colombiana de Pensiones – Colpensiones) created a well-being model as part of its “value-added services” macro-process value chain. This model promotes a range of actions aimed at pensioners and beneficiaries of the Periodic Financial Benefits (Beneficios Económicos Periódicos – BEPS) programme, with a view to improving their well-being and quality of life. The model launched in 2019 with a portfolio of 12 products and programmes to be implemented.

The Colombian Pension Administrator (Administradora Colombiana de

COLSUBSIDIO - Colombian Family Allowances Fund (Caja Colombiana de Subsidio Familiar) designs and develops its programmes with a focus on inclusion, ensuring that everybody has the same opportunities regardless of age, gender, race, religion or disability.

In 2006, in order to reach out to clients and overcome all obstacles that face them, the Public Pension Agency (PPA) established 61 branches across Saudi Arabia to provide its services to over 1 million clients. Due to the digital transformation in the Kingdom, the.PPA decided to move from the traditional business delivery model to the electronic model, with the aim of converting all presence-based services that take place in traditional branches to electronic ones that could be accessed by customers anywhere and anytime.

The COLSUBSIDIO - Colombian Family Allowances Fund (COLSUBSIDIO - Caja Colombiana de Subsidio Familiar) is continuing its transformation to become a more streamlined and digital organization. It is developing initiatives to successfully implement new ways of working that are more operationally efficient, as well as to consolidate and scale the process automation plan, helping the organization adapt to the demands of the market and the needs of users.

In Colombia, 47.9 per cent of workers are employed informally and almost half of them earn less than the minimum wage, which is an obstacle to them making social security contributions. The national government has focussed on the Orange Economy, in which workers in the creative industries generate income based on intellectual property. Incomes, however, are predominantly low and employment is occasional, making this a vulnerable sector.

One of the most important strategic objectives in the General Organization for Social Insurance (GOSI) of Saudi Arabia is to improve customer satisfaction and provide high-quality social insurance benefits and services. Since all of these strategic objectives rely on having an accurate, updated, and secure data infrastructure, GOSI realized that adopting best practices and improving our data related capabilities is a must.

This good practice was submitted by the Public Pension Agency (PPA) that is now part of General Organization for Social Insurance (GOSI).

For the Public Pension Agency (PPA) of Saudi Arabia, good and effective public pension compliance is an important component for the efficient functioning of its pension schemes, ensuring its social and political sustainability, as well as strengthening its authenticity of social security as a public organization.

This good practice is part of the General Organization for Social Insurance (GOSI) strategic objective to improve customer satisfaction and to continue efforts to improve social insurance benefits. This is in line with the Saudi vision 2030 which aims to improve transparency, efficiency and effectiveness of regulation and improve public sector engagement with key stakeholders.

This good practice was submitted by the Public Pension Agency (PPA) that is now part of General Organization for Social Insurance (GOSI).

Masdr Data Solution Company is a company owned by the General Organization of Social Insurance (GOSI) of Saudi Arabia. It was established in 2018 with the goal to utilize the labour market data and enhance the social and economic welfare. GOSI views Masdr as an opportunity to better serve society and contribute to the digital transformation inspired by the 2030 Vision. The establishment of Masdr has increased GOSI’s customer satisfaction as it shortened and eased the service delivery journey.

One of the main strategic objectives of the General Organization for Social Insurance (GOSI) of Saudi Arabia, which is reducing and lowering the probability of its exposure to risks, resulted in an approved initiative to establish the Risk and Compliance Department in 2017.

This good practice enables employers, contributors and the General Organization for Social Insurance (GOSI) to save effort and cost by completing inspection cycles electronically in a timely manner. In fact, we understand the important role of inspection in enlightening the employers on how to correctly apply in their entities the system and its regulations. A new system RASED was integrated with the GOSI main system to consolidate all inspection data. It assigns the field visits according to the best suitable available inspector.

The General Organization for Social Insurance (GOSI) in Saudi Arabia broadly covers workers in the private sector and a group of workers in the public sector who are not covered by the Public Pension Agency (PPA).

GOSI’s strategic objective is to enhance participation and coverage in insurance schemes. This is aligned with the Saudi Vision 2030 to reduce the unemployment rate, enhance practical experiences of the youth and encourage them to explore freelance work.

In 2016, the General Organization for Social Insurance (GOSI) of Saudi Arabia decided to implement the risk management function by adapting good practices and international standards to identify risks, and act in a proactive way to achieve its strategic goals and serve its customers.

Good public pension governance is a vital element for the efficient functioning of any pension system, the enhancement of investment performance, and the security of benefits. This paper highlights the main governance challenges encountered by the Public Pension Agency (PPA) in Saudi Arabia and the actions that have been taken to propose possible solutions to strengthen governance arrangements.

In 2017, Raidah Investment Company (RIC) was mandated to become the investment arm of the Public Pension Agency (PPA) of Saudi Arabia. The RIC’s mission was to maximize investment returns while maintaining a prudent risk in order to meet PPA’s funding obligations.

The General Organization for Social Insurance (GOSI) of Saudi Arabia has an important and critical objective regarding its operational excellence. One of the main aspects to achieve this objective is to manage the business processes within GOSI. To do so, GOSI launched in 2016 the initiative of business process management (BPM).

The electronic services of the General Organization for Social Insurance (GOSI) have been introduced and improved gradually and branched out into more and more advanced frontiers. These services were necessary to face the following challenges:

Establishing an Enterprise Architecture Office at the Public Pension Agency (PPA) using The Open Group Architecture Framework (TOGAF) aims to increase interoperability, improve the quality of the work procedures, and support governance and services integration. This paper highlights the main challenges while establishing the Enterprise Architecture Office (EA) and move the office from establishment to operations.

One of the most important strategic objectives of the General Organization for Social Insurance (GOSI) is to improve customer satisfaction. We realized that if we aim to improve our customers’ satisfaction, then we have to measure it. In this context, GOSI identified the need to understand its customers and their interaction with the provided benefits and services in addition to outlining specific actions required to enhance the overall customer experience.

Believing in the importance of research, the General Organization for Social Insurance (GOSI) of Saudi Arabia launched a project to establish a framework for research policy and identify research priorities.

Unemployment, informal employment and low pension coverage have been recurrent problems in Colombia. According to a study carried out in 2023 by Colombia’s National Statistics Institute (Departamento Administrativo Nacional de Estadística – DANE, 2023), some 57.9 per cent of the country’s population is in informal employment, and a little over half of these people earn less than the minimum wage.

As part of its vision and strategy, the General Organization for Social Insurance (GOSI) recognizes the need to find a program that protects workers in the private sector from the risk of being unemployed due to circumstances beyond their control, which could lead to some negative social, economic and psychological effects. The Unemployment Insurance Law SANED was approved by royal decree and was launched in 2014.

SANED provides:

The Wage Protection System (WPS) is a joint programme between the Ministry of Labour (MOL) and the General Organization for Social Insurance (GOSI), and it has been built to be the wage repository for all workers to assure wages are affectively deposited to workers bank accounts and are also reported correctly to GOSI. The system requires all employers to generate a wage file which is compliant with the WPS specification.

The General Organization for Social Insurance (GOSI) issues certificates to contributors which contain all previous employment information of an individual. These certificates are used by different agencies for different purposes. They serve as proof of employment, proof of a certain income level, proof of working experience, etc.

Toward achieving its vision and objectives as well as implementing its strategy, the General Organization for Social Insurance (GOSI) initiated its transition towards an organization with an integrated performance management framework. GOSI has established the performance management project, which aims to develop individuals with the required commitment and competencies for working towards shared and meaningful objectives supported by and set in an efficient organizational framework.

Inspired by its compromise with social transformation, Compensar designed and implemented on its own initiative a pioneering model of participation in social housing (Intervención en Vivienda de Interés Social (VIS)), aimed at building communities beyond housing delivery.

By means of a coaching process, the new families of VIS projects led by Compensar develop social and civic skills that stimulate the sense of community ownership. It also improves their quality of life, ensuring communal life, training leaders and creating opportunities for integral growth.

Registering employees as contributors in GOSI's (General Organization for Social Insurance) system as soon as they are employed by establishments is a vital step as it ensures the social security of those employees. Unfortunately employers sometimes are late in registering their employees, or the registration might contain missing or incorrect information, which can be detrimental to their wellbeing, and this usually happens to expatriate workers.

This is achieved by applying an interactive communication process through collecting and dealing with customers' requests, complaints and inquiries electronically, as quickly as possible and in a transparent method. This approach is applying the global standards of CRM concept.

Concurrently, Nitaqat was utilized by GOSI principally to ensure compliance with its rules, which mandate the registration of establishments' employees as contributors to the organization. To convince establishments of its value, the programme provides multiple incentives to the ones that have good standing in Nitaqat, which can be very beneficial to their economic growth and prosperity.

BOOLE SERVER is a protection system developed and designed to secure, protect, monitor and ensure the confidentiality of files and sensitive information and to prevent data leakage or misuse by unauthorized access, while allowing file sharing with authorized persons according to the privileges assigned to them by the owner of the file.

A holistic and systemic approach is used to deal with such risks. This approach consists of the following components:

Placing special focus on the provision of eServices, GOSI is always aiming for more efficiency and effectiveness and is constantly targeting higher levels of satisfaction experienced by all relevant parties.

The schedule provides a transparent, consistent and objective method of assessment providing certainty for workers and others as to the level of permanent impairment. The schedule contains the fundamental principles of ratings based on evidence-based medical and scientific literature and reviewing and incorporating different national and international rating systems.

Improvements were accomplished, but not enough to guarantee unified documentation processes. In 2008, an initiative was taken through the adoption of "Remote-Approval" procedure by which financial controllers' work is not limited to their field offices, but rather the scope of their work is extended to cover all transactions in the Organizations' operating system. This procedure is designed to distribute daily transactions evenly between financial controllers regardless of the field offices. Technical and administrative resources were used to implement the procedure in several stages.

The nature of social insurance business relies on predicting the future to maximize benefits for beneficiaries and planning to mitigate possible risks. With this in perspective and based on its responsibilities toward its clients beneficiaries, contributors or employers of the General Organization for Social Insurance (GOSI) has initiated a Business Intelligence (BI) program to ensure decision makers have the means to monitor and be alerted of daily business activities in real time as well as explore and analyze historical information.

The General Organization for Social Insurance (GOSI) implements an occupational hazards insurance, which provides medical coverage against job related injuries and diseases as well as financial compensation if applicable. Through its operations, GOSI observed a steady increase in the number of work related injuries which has prompted it to issue basic standards of occupational health and safety, and promote these standards to employers and employees alike. This has led to a sharp reduction in the number of injuries and has spread the culture of prevention on the national level.

A model based on flexible, pyramidal modules proved its worth and enabled us to respond to the expectations of the participants and minimize drop-outs.

The achievements and results obtained met the expectations of our partner, i.e. the Supreme Council, which enhanced our credibility and their confidence in the intervention of COLSUBSIDIO and enabled us to extend the agreement so that beneficiaries could complete their technical training; this means the continuation of the project in the long term and increases the chances of employment and integration in the world of work.

In 2008, it adopted a new administrative structure, with what were previously termed areas becoming processes and with a progression from an organization based on functions to one of confluent processes, cycles and intervention areas.

The functions do not change, but new forms of internal and external interaction are being structured.

GOSI achieved excellent results of monitoring more than 330,000 establishments spread over a wide geographical area, by recruiting few inspectors and developing electronic systems which enabled inspectors to focus on hazardous worksites, set inspection priorities, and deliver GOSI instructions to employers who are not applying OSH requirements.

This working group was assigned to come up with the most appropriate option to achieve the goals of the supreme council. Finally, and after considering different options, the working group concluded that each council state should be committed to extend the coverage of insurance protection for its citizens working in any council state. This should be done in accordance with the rules provided in what was then the draft of the Unified Law of Insurance Protection Extension for the Gulf Cooperation Council State Citizens Working outside their Countries in any of the Council State Members.

The General Organization for Social Insurance (GOSI) has a vision that puts clients first. This vision introduces the letter "e" to GOSI to be eGOSI. The letter "e" does not only stand for "electronic". GOSI sees the word "electronic" as a bridge to what "e" really stands for: efficiency and effectiveness that GOSI targets to better serve its clients. CSS is one main initiative GOSI relies on to reach its vision.

Tools exist which can be combined to produce strategic information for both client service and operational sectors. It is clients who can best indicate their needs and expectations to the service, and they are rarely unreasonable; they are the best guides for the introduction of an efficient system of continual improvement.

The General Organization for Social Insurance (GOSI) is the national authority to administer social insurance schemes for wage earning workers. GOSI had IT systems that were developed approximately 20 years ago. Also, service delivery problems, increasing administrative overheads, increasing difficulties in implementing apparently modest changes in the IT systems and anticipated changes in the schemes as mandated by law are pushing GOSI to go in for a new system using state-of-the-art technology that will be a solution to the above problems.

PRISMA is responsible for knowledge management, providing support for staff in their role as in-house instructors; it uses a constructivist approach which emphasizes the value of participation in the collective construction of a knowledge base; it includes strategic allies as well as staff; and makes a substantial contribution to the achievement of objectives, the strengthening of organizational culture, the development of skills and improvement of the working atmosphere.

Its scope is currently being further extended through e-learning and the creation of an on-line library.

The development and implementation of the Customer Experience Centre involved a previous project (from 2012 to 2014). Since January 2015, the Family Allowances Fund launched a new project that focuses on the client’s emotions and experience when interacting with service providers.