The future of auditing is auditing the future. Enough with a review of historical data. The business is heading forward into the future. That is what internal auditing should focus on the value addition chain. Internal audit departments must be transformed through re-skilling, re-tooling, and exposure. Three challenges affecting internal auditing effectiveness in value addition Sampling: why test some and not all? How do we provide independent assurance enterprise-wide amid resource constraints? Cyclical: how do we avoid moving in circles again and again? How do we go beyond the mundane and basics? Past and rear-view: how do we avoid spending…
How to add impact to your country #mindspark
Many people who have transformed countries and governments, are not necessary government employees or public servants. They are usually private sector players who work with government as partners. From the United States to Europe, to Asia, to UAE. Governments support the private sector to create jobs and drive the economy. The tallest building in the world is located in Dubai. It is a Development by a private sector player working with government as a strategic partner. In the USA, tech giants like Amazon, Apple, SpaceX, Facebook etc work with government as partners. That is how the magic happens. Speaking to…
Using data analytics to improve efficiency and lower costs
Your business generates a lot of data from both internal and external sources. Unfortunately, most of this data is noise if it is not analysed into insights to inform your leadership decisions. Big Data Technologies, advanced analytical models and computational methods have helped many organisations uncover inefficiencies and internal bottlenecks to growth. Take a case of Umeme, one of the key players in Uganda’s Electricity Supply Industry. Any electricity transmission and distribution company across the continent, can save money, reduce risk, and improve the reliability of critical assets while reducing both technical and operational losses through leveraging on enterprise data…
Business Intelligence, data analytics and revenue assurance as a service (BIDAaS)
Coronavirus has heightened the need for business intelligence and data analysis – where leaders must make decisions informed by data concerning which: branches or outlets to open and which ones not to, staff to work from home and which ones to come to the office, customers to focus on and which ones to let go, products and services to focus on, and which ones not to, are the most convenient days and times to open the bank branch, and which ones not? months of the year to give out loans, and which interest rate offers high performing assets, the busiest…
The size of Uganda’s banking sector, 2020
The banking sector in Uganda has seen steady progress over the years. In 2003, there were 14 commercial banks with a total asset base of Ugx 5.116 trillion, representing average assets per regulated bank of Ugx. 0.37 trillion. By the end of the year 2019, the sector’s total assets had risen to Ugx. 33.380 trillion, representing average total assets per regulated bank of Ugx. 1.28 trillion, representing a percentage asset base growth of 251% over the 16 years. Afriland First Bank from Cameroon also joined the financial sector to increase the number of regulated commercial banks in the country. The…
The ‘manual’ digital banking: the pain of banking with fake banks
Many banks in Uganda are very ridiculous. They proudly announce the digital-first banking agenda but go-ahead to enforce manual processes. To access most services, many bank staff will ask you to ‘visit their nearest bank branch’. It is painful and very unfortunate. This week I have been frustrated by three banks. In part 1, I share my experience with a local bank I will refer to as Bank A. First, some context. Download the Article Here In 2014, I wanted a second visa card to help with my online payments and transactions. Being a cybersecurity professional and researcher, I knew…
