The Employees Provident Fund Organisation (EPFO), under the Ministry of Labour & Employment, Government of India provides social security benefits to its members in terms of provident fund and old age pensions under the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 (referred to as the Act hereafter), enacted by the Parliament of India, which extends to the whole of India except the state of Jammu and Kashmir.
SIO believes that organization culture is a key force for business success and embedding risk awareness into organization culture plays vital role in avoiding negative consequences as it leads employees to consistently make appropriate risk-based decisions.
The Public Authority for Social Insurance (PASI) board of directors have decided to develop and implement a Business Continuity Management System (BCMS) to help provide efficient and reliable social insurance and protection services, and to achieve its objectives through:
In order to achieve good corporate governance, the Risk Management Department developed an excel model for Risk Rating and Grading of the PASI investment portfolio for more effective risk management:
1. Design Risk Measurement Models:
Data is collected from PASI investments on a monthly basis to calculate the Yearly Volatility and Return.
2. Capital Asset Pricing Model (CAPM)
Calculation of Beta, Expected Return and Drift Rate.
The Public Authority for Social Insurance (PASI) has been responsible for developing internal policies and procedures to facilitate customers' access to the deliverables set by the Social Insurance Law.
PASI's goal is to ensure that all policies and procedures are made available to all staff and that they are written in such a way as to clearly specify the policies and procedures for any given matter.
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China has the largest social insurance system in the world covering nearly 1.4 billion people and includes old-age, medical, work injury, maternity and unemployment insurance schemes. There are more than 8,000 social insurance agencies at and above the county level in China, with nearly 180,000 staff, undertaking 1.99 billion individual service transactions annually. Due to historical reasons, many branch-based operational agencies follow different management and service standards, and do not even have a unified name. This practice is inefficient and errors easily occur.
China is progressively implementing a national social insurance coverage registration programme to speed up full social insurance coverage, and to put in place a more equitable and sustainable social security system.
The registration programme is a dedicated initiative to promote full and sustained coverage of working people and of urban and rural residents.
Section B.3 of the ISSA Guidelines on Good Governance states that "The International Professional Practices Framework (IPPF) of the Institute of Internal Auditors is the conceptual framework that organizes and provides authoritative guidance to internal audit professionals, including those in the field of social security."
The ISSA Good Governance Guideline 56 also requires that there is a periodic assessment of the internal audit unit.
The staff secondment/attachment programme is an integral part of the good practice employed by the Group Internal Audit Department (GIA) to ensure knowledge and principles from these attachments are adopted with modifications to suit our business requirements.
The secondment of GIA staff to the Finance Department indicated GIA's maturity and its ability to assist critical business operations of the institution. Details of the attachment programmes are as follows:
