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.

As a direct response to the COVID-19 pandemic, the National Insurance Scheme (NIS) of the National Insurance Board (NIB) from Grenada has established a web portal which enables its valued customers to apply for every benefit type and file requests with its offices via purely electronic means. This is an alternative to the status quo which previously allowed solely for the physical completion and submission of forms. The introduction of the web portal has led to a reduction in paper submissions and walk-in customers by over 85 per cent and 65 per cent respectively.

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.

Recognizing the fact that the world is a global village, prioritizing our valued pensioners for whom we exist to serve and acknowledging the fact that they reside throughout the world, we aim to level the playing field for all. Coming out of COVID-19, its lockdown and limitation of access to several services the National Insurance Scheme (NIS) of the National Insurance Board (NIB) from Grenada has recognized the fact that this requirement can and will be difficult for people, especially if physical, medical, geographical, and other challenges exist.

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.

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.

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.

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).

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.

In the wake of the COVID-19 pandemic and the potential increase in unemployment that will be brought about by the almost certain recession that will follow, the Government of Grenada (GOG) announced a series of stimulus measures including the introduction of an Unemployment Assistance Benefit (UAB) programme to be administered by the National Insurance Board (NIB) in the amount of 10 million East Caribbean dollars (XCD). The UAB administered by the NIB will cater to insured employees and self -employed persons who are affected.

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.

Another challenge facing NAV was the growing number of claims to be processed due to a rise in the number of people eligible for pension.

A new technical platform based Service Oriented Architecture (SOA) was established and the following principles allowed the project to reach its goals: