CHAPTER 11 - RISK MANAGEMENT FUNCTONS OF ACCOUNTING OFFICERS
(1) The Accounting Officer is the ultimate Chief Risk Officer of the Institution, assumes ownership of risk management and is accountable for the Institution's overall governance of risk.
(2) The Accounting Officer may delegate the responsibilities for developing and maintaining an effective and efficient system of risk management as set out in paragraph 25 to a competent Chief Risk Officer but maintains accountability.
(3) The Accounting Officer sets the tone for integrity, ethics and other factors of the control environment in the Institution.
(4) High level responsibilities of the Accounting Officer should include:
a) setting an appropriate tone by supporting and being seen to be support the Institution’s aspirations for effective risk management;
b) delegating responsibilities for risk management to Management and internal functions such as the Risk Management Committee, Fraud Prevention Committee, Finance Committee, Information and Communication Technology Committee, and holding them accountable;
c) holding Management accountable for designing, implementing, monitoring and integrating risk management into their day-to-day activities;
d) providing leadership and guidance to enable Management and internal structures responsible for various aspects of risk management to properly perform their functions;
e) ensuring that the control environment supports the effective functioning of risk management as discussed in Chapter 3;
f) considering the inputs and recommendations of the Audit Committee and Risk Management Committee on the;
i) the risk management policy, strategy, and implementation plan;
ii) the fraud prevention policy, strategy and implementation plan, and
iii) risk appetite framework.
g) devoting personal attention to overseeing management of the priority risks;
h) leveraging the Audit Committee, Internal Audit, Auditor-General and Risk Management Committee for assurance on the effectiveness of risk management;
i) ensuring appropriate action in respect of the recommendations of the Audit Committee, Internal Audit, Auditor-General and Risk Management Committee to improve risk management, and
j) providing assurance to relevant stakeholders that priority risks are properly identified, assessed and mitigated.