CHAPTER 14 - FUNCTIONS OF CHIEF RISK OFFICERS
25. Functions of the Chief Risk Officer
(1) The primary responsibility of the Chief Risk Officer is to bring to bear his / her specialist expertise to assist the Institution to embed risk management and leverage its benefits to enhance performance.
(2) The high-level responsibilities of the Chief Risk Officer should include:
a) being responsible for the Risk Management Unit and other delegations by the Accounting Officer;
b) working with senior management to develop the Institution’s vision for risk management;
c) developing, in consultation with management, the Institution’s risk management framework incorporating, inter alia, the:
i) risk management policy;
ii) risk management strategy and implementation plan;
iii) risk identification and assessment methodology;
iv) risk appetite, and
v) risk classification.
d) determining, implementing and maintaining effective risk management infrastructure, policies, procedures and processes;
e) communicating the Institution’s risk management framework to all stakeholders in the Institution and monitoring its implementation;
f) ensuring that the Audit Committee, Risk Management Committee and senior management are adequately appraised and trained on current and emerging risk management concepts and principles;
g) establishing, communicating and facilitating the use of appropriate risk management methodologies, tools and techniques;
h) facilitate training for all stakeholders in their risk management functions;
i) assisting Management with risk identification, assessment and development of response strategies, and monitoring implementation thereof;
j) working with management and staff to establish and maintain effective risk management in their areas of responsibility, including the reform of internal processes and policies to incorporate elements and practice of risk management at the operational/functional level;
k) collating, aggregating, interpreting and analysing the results of risk assessments to extract risk intelligence;
l) reporting risk intelligence to the Accounting Officer, Management and the Risk Management Committee;
m) monitoring the Institution’s risk profile, ensuring that major risks are identified and reported upwards;
n) facilitating Institution-wide risk evaluation and monitoring the capabilities around the management of the major risks;
o) participating with Internal Audit, Management and Auditor-General in developing the combined assurance plan for the Institution;
p) overseeing the Risk management Unit’s participation in the combined assurance process;
q) drafting the risk management disclosures for the annual financial statements and annual report for approval by the Accounting Officer, and
r) continuously driving risk management to higher levels of maturity.