CHAPTER 9 - MONITORING
20. Risk monitoring
(1) Monitoring concerns checking on a regular basis to confirm the proper functioning of the entire risk management system.
(2) Monitoring should be effected through ongoing activities or separate evaluations to ascertain whether risk management is effectively practised at all levels and across the Institution in accordance with the risk management policy, strategy and plan.
(3) Monitoring activities should focus on evaluating whether:
a) assigned responsibilities are being executed effectively;
b) risk response strategies are producing the desired result of mitigating risks or exploiting opportunities, and
c) improvements in the system of risk management are producing positive changes in Institutional performance.
(4) Section 71 of the MFMA which requires the Accounting Officer to assess and report on the half year performance of the Institution presents an ideal opportunity for a critical re-evaluation of the state of risk and risk management for the year under review.