NEW: Home Affairs Ministry develops Enterprise Risk Management Policy

13 Sep, 2022 - 16:09 0 Views
NEW: Home Affairs Ministry develops Enterprise Risk Management Policy

The ManicaPost

 

Post Reporter

 

THE Ministry of Home Affairs and Cultural Heritage is developing a Enterprise Risk Management Policy aimed at strengthening its systems in the implementation of the National Development Strategy (NDS1).

In a speech read on his behalf by his deputy at a workshop in Mutare today, Honourable Ruth Mavhungu-Mabhoyi, Home Affairs and Cultural Heritage Minister, Kazembe Kazembe said Section 162 of the Public Finance Management Act (Chapter 22:19) requires every ministry to carry out a risk assessment of their operations on an annual basis and to take deliberate steps to identify, quantify, assess and come up with mitigation measures for the identified risks.

“Our Ministry had not yet developed the Enterprise Risk Management Policy on which such assessments are based. The development of the Enterprise Risk Management Policy is in line with Vision 2030 as it addresses one of the key pillars of the NDS1, of good governance.

“Risk management is part and parcel of good governance with the success or failure of any organisation traceable back to its capacity to manage risk. The importance of this management tool is our Ministry, cannot be overemphasised given that we are one of the largest ministries that is operating under conditions of scarce resources,” said Minister Kazembe.

Efficient risk management involves identification and management of risks before they affect the functionality of an organisation.

“Without proper risk management, an organisation cannot effectively define its goals for the future.

 

“It is incumbent upon us all to appreciate that risks do not only occur in departments involved with handling of funds, but can occur in any other set up with equally serious repercussions for the ministry. These include among others, ICT, reputational, operational, human resources, legal, financial and strategic risks,” said Minister Kazembe.

 

Share This:

Sponsored Links

We value your opinion! Take a moment to complete our survey

This will close in 20 seconds