Public Sector Officials Charged with Ensuring Safety and Efficient Use of Resources

In a bid to enhance governance and accountability, public sector officials are now responsible for ensuring the safety and efficient use of public resources. This comes as risk management becomes an increasingly important aspect in public sector governance.

Government Recognizes Risk Management as Key to Effective Governance

The government acknowledges that risk is inherent in every aspect of Public Sector Entity (PSE) operations. Therefore, it considers the management of risks as an integral part of sound public sector governance. This ensures that government objectives are achieved efficiently and effectively, leading to increased stakeholder confidence.

Guidelines for Developing and Implementing Risk Management Frameworks

The guidelines require all PSEs to develop, implement, and enhance a risk management framework and process. The key components include:

• Establishing a risk policy, culture, and structure
• Identifying, recording, and monitoring risks
• Integrating the risk management process with strategic, budgeting, and operational business planning activities
• Maintaining a risk register
• Establishing processes for monitoring, reviewing, reporting, and enhancing risk management systems

Implementation Roles and Responsibilities

The guidelines also outline the implementation responsibilities for various executive authorities, oversight organs, and officials in PSEs. These include:

• The Permanent Secretary-Treasury: overall responsibility for ensuring effective application of risk management processes
• The Internal Auditor General (IAG): responsible for providing guidance and support on risk management practices across the public sector
• Governing/Oversight Bodies: required to oversee the implementation of risk management frameworks in PSEs

National Risk Management Effort

The government has also established a national risk management effort, which includes the development of a National Risk Register. This will help coordinate risk management efforts across all PSEs and ensure that risks are identified and mitigated effectively.

Conclusion

Public sector officials are now charged with ensuring the safety and efficient use of public resources through effective risk management practices. By implementing these guidelines, PSEs can achieve their objectives efficiently and effectively, leading to increased stakeholder confidence and improved governance.