CHAPTER 15 - RISK MANAGEMENT FUNCTIONS OF MANAGEMENT
26. Functions of Management with respect to risk management
(1) Management is ultimately accountable for managing risks within their areas of responsibilities, for executing their responsibilities outlined in the risk management strategy and integrating risk management into the operational routines by modifying policies, procedures as well as performance and reward criteria to align to the risk management imperative.
(2) High level responsibilities of Management should include:
a) executing their responsibilities as set out in the risk management strategy;
b) empowering officials to perform effectively in their risk management responsibilities through proper communication of responsibilities, comprehensive orientation and ongoing opportunities for skills development;
c) aligning the functional risk management methodologies and processes with the Institutional process;
d) devoting personal attention to overseeing the management of priority risks within their area of responsibility;
e) maintaining a co-operative relationship with the Risk Management Unit;
f) providing risk management reports;
g) reporting to the Risk Management and Audit Committees as may be requested;
h) maintaining the proper functioning of the control environment within their area of responsibility;
i) monitoring risk management within their area of responsibility, and
j) holding officials accountable for their specific risk management responsibilities.