Financial Crime World

FSRA Leverages Technology to Streamline Operations and Boost Productivity

The Financial Services Regulatory Authority (FSRA) has made significant strides in leveraging technology to streamline its operations and boost productivity, according to its annual report for 2013.

Digital Tools Enhance Operational Efficiency

The organization has implemented various digital tools to enhance its financial accounting and reporting capabilities. These include:

  • Pastel Accounting: a digital tool used to manage the FSRA’s financial accounts
  • D-Bit Payroll system: used to process payroll records and manage leave for employees

Additionally, the FSRA has outsourced its email server and is in the process of migrating all stakeholders to its new email addresses. The organization’s networking infrastructure has also been upgraded with a mix of cabled and wireless access points, multiple printers, and high-speed internet connection via a purpose-built server.

Planned Activities for the Upcoming Year

The report highlights several planned activities for the upcoming year, including:

  • Recruitment of additional staff
  • Establishment of an in-house ICT department
  • Implementation of divisional management accounting systems
  • Improving meeting reporting deadlines stipulated in the FSRA Act

Human Resources

The HR department has been busy with various projects and activities during the financial year. The organization had a staff complement of 39 as at March 31, 2013, comprising employees from different divisions.

Notable developments include:

  • Terminations, resignations, and appointments made during the year
  • Implementation of a performance management system to maximize staff potential on the job
  • Finalization of an HR strategy aligned with the overall strategy

Insurance and Retirement Funds

The Insurance and Retirement Funds Division has reported significant growth, with total assets under supervision increasing by 17% to E20.4 billion as at March 31, 2013.

Key highlights include:

  • Improving the ease of premium collection for insurance companies and pension funds

Conclusion

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Overall, the FSRA’s annual report highlights its commitment to leveraging technology to enhance its operations and improve productivity while ensuring effective regulation of the financial services sector in Swaziland.