Critical Requirements:

1. Capital Adequacy Requirements - Maintain minimum capital ratios as prescribed by BoZ
2. Liquidity Risk Management - Implement liquidity management framework and reporting
3. AML/CFT Compliance - Know Your Customer (KYC), transaction monitoring, suspicious transaction reporting
4. Regulatory Reporting - Submit quarterly and annual returns to BoZ (timely and accurate)
5. Risk Management Framework - Establish comprehensive ERM framework (credit, market, operational, liquidity risks)
6. Internal Audit Function - Maintain independent internal audit reporting to Board
7. Board Governance - Board composition, independence, risk committee, audit committee

Critical Requirements:

1. Member Registration Process - Timely registration of all eligible members
2. Contribution Collection & Recording - Accurate recording of employer and employee contributions
3. Benefits Administration - Timely processing of retirement, invalidity, and survivor benefits
4. Investment Management Guidelines - Comply with investment limits and prudent person rule
5. Actuarial Valuation Requirements - Conduct actuarial valuations at prescribed intervals
6. Record Keeping - Maintain accurate member records for 75 years
7. Financial Reporting - Annual audited financial statements submitted to PIA

Critical Requirements:

1. Employment Contracts - Written contracts for all employees within 30 days of hire
2. Working Hours & Overtime - Maximum 48 hours/week, overtime compensation at 1.5x
3. Leave Entitlements - Annual leave (24 days), sick leave, maternity leave (90 days)
4. Termination Procedures - Notice periods, severance pay, procedural fairness
5. Workplace Safety - Occupational health and safety standards
6. Equal Opportunity - Non-discrimination in employment
7. Minimum Wage Compliance - Comply with national minimum wage requirements

Critical Requirements:

1. Fair Competition Practices - Avoid anti-competitive agreements and abuse of dominance
2. Consumer Rights Protection - Transparent service delivery, complaint handling
3. Merger & Acquisition Compliance - Notify CCPC of mergers exceeding threshold (ZMW 20 million)
4. Price Transparency - Clear disclosure of fees and charges
5. Customer Service Standards - Maintain service level agreements

Critical Requirements:

1. Anti-Corruption Policy - Board-approved ethics and integrity framework
2. Whistleblower Protection - Anonymous reporting channel with protection against retaliation
3. Conflict of Interest Management - Annual COI declarations by all staff
4. Gift & Entertainment Policy - Gift register, approval thresholds, disclosure requirements
5. Due Diligence on Third Parties - Vendor screening and ongoing monitoring
6. Training & Awareness - Annual anti-corruption training for all employees

Answer: Missing regulatory deadlines can result in serious consequences:

Regulator	Late Submission Penalty	Additional Consequences
Data Protection Commission	ZMW 50,000 per day (up to 30 days)	License suspension after 30 days
Bank of Zambia	ZMW 10,000/day for first 7 days, ZMW 20,000/day thereafter	Regulatory restrictions, increased supervision
PIA	ZMW 25,000 per month	Mandatory compliance audit

Answer: Use the Regulations module's built-in tracking:

1. Identify Gaps: Click on any framework tab to see requirements with "Non-Compliant" or "Partial" status
2. View Gap Details: Click "Action Required" or "Review" button to see specific deficiencies
3. Create Remediation: Navigate to Compliance → Remediations and create action plan
4. Assign Owner: Assign to responsible department head with specific due date
5. Track Progress: Monitor remediation status (Open → In Progress → Completed)
6. Re-Assess: Once remediation is complete, conduct follow-up assessment to update compliance status

Tip: The dashboard shows total compliance gaps - use this as your daily KPI to drive down to zero.

Answer: Assessment frequency depends on framework risk and regulatory requirements:

Framework	Recommended Frequency	Rationale
Data Protection Act	Quarterly	High penalties, new regulations
BoZ Regulations	Quarterly	Aligns with quarterly reporting
NAPSA Act	Semi-Annual	Core operations, high compliance rate
Employment Act	Semi-Annual	Stable requirements, mature processes
CCPC Act	Annual	Lower risk, limited changes
ACC Act	Annual	High compliance rate, stable framework

Answer: Regulators typically request the following types of evidence:

Documentation Evidence:

• Policies and procedures (approved by Board)
• Process flowcharts and workflow diagrams
• Training materials and attendance records
• Board and committee minutes
• Internal audit reports

Operational Evidence:

• System screenshots showing controls in action
• Sample transactions with approval trails
• Exception reports and management actions
• Incident reports and breach notifications
• Monitoring reports and dashboards

Testing Evidence:

• Control testing results
• Penetration test reports (for IT controls)
• User access reviews
• Reconciliation reports
• Compliance assessment reports

Answer: Stay informed through multiple channels:

1. Official Regulator Websites:
   • Data Protection Commission: www.dpc.gov.zm
   • Bank of Zambia: www.boz.zm
   • Pensions and Insurance Authority: www.pia.org.zm
   • Competition and Consumer Protection Commission: www.ccpc.org.zm
   • Anti-Corruption Commission: www.acc.org.zm
2. Email Subscriptions: Subscribe to regulator newsletters and circulars
3. NAPSA Compliance Department: Receives and disseminates all regulatory updates
4. Industry Associations: Join pension fund industry associations for peer updates
5. Legal Counsel: Engage external legal counsel for complex regulatory changes
6. ERM System Alerts: System displays regulatory updates on Overview tab