Institute Risk Management Policy

Duty of Care

The Institute has a duty of care to all persons on and in the reasonable vicinity of the Institute, including visitors, contractors, and interns.

Insurance Policy

The Institute has an insurance policy to cover against calamities and other unforeseen events that may affect its operations.

Objectives

The Institute’s objectives are aligned with its strategic plan for 2017-2022. These objectives include:

• Cascading of objectives: Cascading of objectives to lower levels of management/units
• Constant monitoring and evaluation: Constant monitoring and evaluation
• Managing resources effectively: Managing resources effectively

Risks

The Institute has identified various risks that may impact its operations, including:

• Human resource risks:
  • Single-person dependency for critical functions
  • Ageing workforce
  • Lack of succession plans
  • Loss of corporate expertise
  • Failure to attract high-caliber staff
  • Failure to develop and retain high-quality staff
• Information risks:
  • Failure of major IT systems
  • Lack or failure of backup systems
  • Loss of access to information due to upgrade of technologies and ageing equipment and IT infrastructure
• Financial risks:
  • Insufficient funds to meet Government objectives
  • Misappropriation of funds
  • Lack of understanding of financial transactions and purchasing requirements
  • Change in Government funding policy
  • Inability to meet targets
  • Failure of departments to exercise budgetary control
• Property, assets, and equipment risks:
  • Theft
  • Damage or loss of property, assets, and equipment
• Travel-related risks:
  • Accidents
  • Life insurance/assurance
  • Security concerns
• ICT risks:
  • Loss
  • Hacking information
  • Loss of information
  • Backups
  • Firewalls
  • Anti-virus updates
• Human resource management risks:
  • Managing exits
  • Conducting exit interviews
  • Pre-retirement training
• Cash movement and management risks:
  • Risk of bank agents moving with huge sums of money from banks in their pockets/bags
  • Payments made in the open space in the cash office without any protection
  • Inadequate space for all institute records

Implementation, Roles, and Responsibilities

The policy will be approved by the Governing Council. The policy shall be hosted in the Directorate of Finance and Administration. Top management (TMT) and other key stakeholders shall be responsible for implementing the policy.

Conclusion

In conclusion, the Institute’s Risk Management Policy aims to identify, assess, mitigate, and manage risks that may impact its operations. The policy is designed to ensure the safety and security of all persons on and in the reasonable vicinity of the Institute, as well as protect its assets and equipment.

Contact Us

For any inquiries or concerns regarding this policy, please contact the Directorate of Finance and Administration at [insert contact information].