ISO 31000 TO REDUCE RISK MANAGEMENT

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Benhilda Magomo

Harare- The Ministry of Finance, Economic Development, and Investment Promotion has adopted a risk management framework policy and guidelines that enhance accountability and transparency.

ISO 31000:2018 Risk Management Guidelines says, Risk Management Framework helps Ministries, Departments, and Agencies to manage risk effectively through the application of systematic, consistent, and pee-planned policies and guidelines.

Addressing delegates during the launch ceremony of Risk Management Guideline and Framework for the Public Sector, Minister of Finance, Economic Development and Investment, Minister Mthuli Ncube said, the policy aims to address our country’s reputation, people’s services delivery, and financial progress.

“The policy should clarify accountabilities and responsibility for managing risk and show commitment to make necessary resources available for managing, measuring and reporting risk’’.

“It should clearly, articulate the organisation’s rationale for managing risk, review monitoring of risk and level as well as nature of the acceptable risk” he added.

Ncube advised other government departments to have a management policy that is modeled along ISO 31000 so they can improve their current practices in risk management

“The policy will lead to improved decision-making, evidenced by the adoption and integration of risk management in strategic decision-making and monitoring processes.’

In an Interview, Ncube said that implementing this framework is paramount to the country’s economic progress to manage the risk of initiating project projects that will never be completed.

“This comes with a robust internal and robust audit which are fundamental for safeguarding money taxpayers, resource and ensure accountable governance and integrity while preserving public interest”

Chief Director, Central Internal Audit Masimba Mudzungairi, also said that Institutions should, in accordance with these guidelines, implement and maintain an effective, efficient, and transparent system of risk management and internal control.

“Accounting officers shall ensure that the Government of Zimbabwe has adopted ISO 31000 Risk Management as a benchmark for risk management in all Ministries, Department, and Agencies”

He added that accounting officers shall provide oversight on the crafting and execution of an appropriate Risk Management Framework that is suitable for the Public organisation’s core business, structure, and context.

Ncube implores Ministries, Departments, and Agencies to adopt and ensure the implementation of risk management within the public sector which will result in the efficient and effective delivery of services

 

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