As institutions have expanded their use of integrated systems to support business operations, the potential for single points of failure has increased. In response, the banking supervisors have issued more detailed guidance on contingency planning, including managing information technology risk, information security, outsourcing, and network management. Examiners regularly assess the adequacy of business continuity plans.
As a result, perceived risks of a protracted US downturn, or even recession, and what that would mean for Africa’s and in particular Uganda’s growth momentum may be intensified. The economic slowdown in the US and Europe could naturally affect demand for Uganda’s exports.