b'A N N U A L R E P O R T 2 0 1 7 - 2 0 1 8Year-on-Year Net Unrealised Investment Income Asset Class2018-20172017-2016000000Equity ($136,908)$256,157 Bonds ($13,884)$66,479 Subsidiaries ($8,623)$0 Other ($1,121)$70,433 Total ($160,536)$393,069As highlighted in the tables preceding the assetThere was a continued focus on strengthening our classes that contributed to most of the net unrealisedcorporate governance framework during the reporting investment loss movement over the period, wereperiod. To ensure continued strategic alignment equities and bonds. However, this negative unrealisedwith the NIBTTs subsidiaries, key appointments movement was mitigated by a total realisedwere made to the Boards of the National Insurance investment income of $1.96 billion. Key drivers forProperty Development Co. Ltd. (NIPDEC), the the portfolios realised investment income wereTrinidad and Tobago Mortgage Finance Co. Ltd. interest income from bonds, dividend income from(TTMF) and the Home Mortgage Bank (HMB).equity holdings and realised gains on the sale ofTechnologyinternational equities.OPERATIONAL HIGHLIGHTS Efficient Information and Communication Technology (ICT) systems are critical components for the 10th Actuarial ReviewNIBTT as it works to achieve the strategic objective enhancing service delivery and improving customer In accordance with the National Insurance Act,satisfaction. In this regard, we are proud to advise of Section 70(1), yet another Actuarial Review of thea near perfect overall system uptime of 99.53% was National Insurance System (NIS) was successfullyachieved. Other technological achievements over the completed in FY2018. The 10th Actuarial Review wasfinancial year included successful implementation conducted by the International Labour Organisation,of an Enterprise Document Management system, as and the report was submitted to the Board ofwell as the timely back-up of critical ICT data within Directors in June 2018. The report was reviewedstipulated time frames.by the Board on June 28, 2018, at which time theIn our effort to transform into a customer-centric Board of Directors accepted the recommendationsorganisation, the NIBTT has embarked upon which related to the key parameters of the NIS. It isthe acquisition of an ICT solution which, when anticipated that the 10th Actuarial Review of the NISimplemented, will facilitate a seamless integration and will be laid in Parliament during the second quarter ofextension of the capabilities of our current systems. the upcoming financial year. This ICT solution will revolutionise the service Risk and Corporate Governance experienced by NIBTTs customers and provide an end-to-end delivery of our products and services to The NIBTT operates in an environment of growingall stakeholders. We anticipate that this ICT solution uncertainty that threatens the fulfilment of itswill be benchmarked both locally and regionally. In mandate and the achievement of all its strategicthis regard, the NIBTT engaged the services of a objectives. As such, risk management forms anconsultant to provide advisory services in relation to important component of the planning and monitoringthe design and implementation of this solution. activities, as well as general business processesLegal Services of the organisation as evidenced by the institution of our Enterprise Risk Management Framework.Through court agreements, promissory notes The key elements of this framework work togetherand litigation actions, a total of $1,166,946.76 in to create a sustainable process for managingcontribution arrears, penalties and interest was risks, which significantly increases the likelihoodrecovered from 41 non-compliant employers. of the organisation achieving its strategic andAdditionally, 13 judgements were obtained against operational goals. Through the continuous reviewemployers or directors of employer businesses and development of our policies the NIBTT hasfor arrears of contribution payments in the sum of successfully developed mechanisms to mitigate risk.$2,101,525.54.Additionally, at the end of the reporting period a total of 31 policies were approved for implementation.28'