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National Social Security Fund Integrated Report 2026
02 Our Business 11 Risk and Opportunity Management
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Risk and Opportunity Management

Top risks in the period under review: Risks 1 to 5

Risk 1

Geopolitical risk

High

Description

The US-Israel war on Iran disrupted the global chain of oil and liquefied gas, which created inflationary pressure globally.

Severity

Opportunity

Undertake austerity measures to reduce operational costs and enhance efficiency.

Risk response

Conducted scenario analysis to identify organisational vulnerabilities.

This risk remains elevated as the war continues.

Capital impacted
Financial capital
Risk 2

Cyber risk

High

Description

The increasing trend of more sophisticated phishing, deepfakes, ransomware, and other cyber incidents, exacerbated by the increased use of AI, heightened the cyber risk landscape.

Severity

Opportunity

Leveraging AI to build security tools that can be used to enhance the cyber security posture of the Fund.

Risk response

Continuous assessment and upgrading of our cyber security infrastructure.

The risk will remain high due to increasing use of AI, with high level of precision of attack.

Capital impacted
Intellectual capital
Risk 3

Information security risk

High

Description

The escalating trend of cyber-attacks heightens the risk of data breaches, with the consequential impact of regulatory sanction and/or penalty, leading to financial loss and reputation damage.

Severity

Opportunity

The law provides incentives to strengthen data protection.

Risk response

Besides our robust intrusion detection and prevention system, we are enhancing our data loss prevention tools.

The high penalty for data breach provides an incentive for attack and negotiation for a ransom.

Capitals impacted
Intellectual capital Financial capital
Risk 4

Regulatory risk

High

Description

The stringent regulatory requirements and the bureaucratic approval process constrain the pace of decision-making and implementation, resulting in loss of opportunities.

Severity

Opportunity

Enhance fiduciary responsibility and member trust.

Risk response

Ongoing stakeholder engagement to improve turnaround time on the regulatory approval process.

This remains a critical bottleneck for the business.

Capital impacted
Social & relationship capital
Risk 5

Foreign exchange risk

High

Description

FX risk arises from the fact that the Fund has significant investments in the EAC region. Investment in multiple currencies creates a potential loss/gain as the exchange rate fluctuates.

Severity

Opportunity

The Fund’s investment denominated in foreign currency increases as the UGX depreciates.

Risk response

Increased domestic asset allocation.

This remains elevated due to the volatile nature of the exchange rate.

Capital impacted
Financial capital
Up next Top Risks 6 to 10

NSSF Integrated Report 2026

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01

Report Overview

02

Our Business

03

Our Strategy

04

Our Governance

05

Our Sustainability

06

Our Performance

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