Rwanda Revenue Authority Unveils New Risk Management Policy Framework
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Kigali, Rwanda - The Rwanda Revenue Authority (RRA) has launched its new Risk Management Policy (RMP) framework, designed to provide a comprehensive approach to risk management and data analytics.
A Comprehensive Approach to Risk Management
The RMP is based on international standards, including the International Organization for Standardization (ISO) 31000:2009, ISO/IEC 27001:2013, and the Committee of Sponsoring Organizations of the International Organization for Standardization (COBI). The framework aims to ensure that risk management is integrated into all aspects of the organization’s operations.
Primary Risk Categories
The RMP identifies two primary risk categories:
- Tax Compliance Risks: risks related to tax revenue collection, taxpayer compliance, and taxpayer recruitment
- Institutional Risks: operational, human capital, financial, legal, regulatory, occupational health and safety, asset management, quality assurance, data, and records risks
Risk Management Strategies
The framework outlines several risk management strategies:
- Risk Assessment: identifying potential risks and their likelihood of occurrence
- Risk Mitigation: implementing measures to reduce or eliminate identified risks
- Risk Monitoring: continuously monitoring risks and assessing their impact on the organization
- Risk Reporting: reporting identified risks and mitigation efforts to stakeholders
Stakeholder Engagement and Transparency
The framework emphasizes the importance of stakeholder engagement, internal communication, and transparency in managing risks.
“We are committed to ensuring that our risk management approach is proactive, transparent, and aligned with international best practices,” said [Name], RRA’s Commissioner General. “This new framework will enable us to better manage risks, improve our services, and enhance taxpayer compliance.”
Development and Review
The RMP has been developed through a collaborative effort involving senior management, business units, and external experts. It is expected to be reviewed and updated annually to ensure its effectiveness and relevance.
About Rwanda Revenue Authority
The Rwanda Revenue Authority (RRA) is the primary government agency responsible for collecting taxes in Rwanda. Its mission is to mobilize revenue efficiently and effectively to support national development priorities while maintaining a high level of public trust and satisfaction.