Risk Management Overview
Section 62 of the Local Government: Municipal Finance Management Act 2003 (Act No. 56 of 2003), states that the Accounting Officer should take all reasonable steps to ensure that the municipality has and maintains effective, efficient and transparent systems of financial, risk management and internal control as well as the effective, efficient and economical use of the resources of the municipality.
- Receiving feedback on progress with the risk registers at a strategic and operational level;
- Giving feedback on establishing a common understanding of Risk Management;
- Monitoring progress with the updating of risk registers;
- Review and monitor ERM processes and outputs regularly;
- Review the Risk Management Policy;
- Review the Risk Management Strategy and Framework;
- Review the Risk Management Implementation Plan;
- Guide the development and implementation of ERM; and
- Brings serious risks to the senior manager’s attention, which contributes to a more informed decision-making process.