President of ACFE Uganda Chapter Meets with IRA Director Supervision to Discuss Fraud Risk Management Partnership

The President of the Association of Certified Fraud Examiners (ACFE) Uganda Chapter, Mustapha Bernabas Mugisa, recently held a productive meeting with Benard Obel, Director of Supervision at the Insurance Regulatory Authority (IRA) of Uganda. The meeting, aimed at exploring potential partnerships in managing business risks associated with fraud, was held at the IRA headquarters.

During the meeting, the two leaders discussed strategic initiatives to strengthen fraud detection and prevention mechanisms within the insurance sector. The partnership is expected to leverage the expertise and resources of both organizations to enhance the integrity and trustworthiness of the industry.

Mr. Mugisa emphasized the importance of robust fraud risk management practices and the role of continuous education and training for insurance professionals. He highlighted the ACFE’s commitment to providing support through training programs, workshops, and collaborative projects aimed at mitigating fraud risks.

Mr. Obel expressed his enthusiasm for the collaboration, noting that the IRA is dedicated to ensuring a transparent and accountable insurance sector. He reiterated the authority’s commitment to adopting best practices and innovative solutions to safeguard stakeholders’ interests.

The meeting concluded with both parties agreeing to formalize the partnership through a memorandum of understanding (MoU) in the coming months. This collaboration is anticipated to significantly enhance the capacity of the insurance sector in Uganda to combat fraud and ensure sustainable growth.

The ACFE Uganda Chapter and the IRA are poised to lead the way in fostering a secure and resilient insurance industry, protecting it from the pervasive threat of fraud and ensuring a fair playing field for all participants.

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