CHAPTER 20 - RISK MANAGEMENT FUNCTIONS OF THE NATIONAL TREASURY
31. Functions of the National Treasury with respect to risk management
(1) The National Treasury’s functions in terms of sections 5(2) and section 34 of the MFMA enjoins it to:
a) prescribe uniform norms and standards;
b) monitor and assess the implementation of the MFMA;
c) assist Institutions in building their capacity for efficient, effective and transparent financial management, and
d) enforce the MFMA.
(2) The National Treasury should therefore monitor and assess the implementation of risk management in institutions, and share with them the results of its monitoring to the extent that those results may assist the institutions in improving its risk management.
(3) With respect to capacity building, the National Treasury should assist institutions in building their capacity for efficient, effective and transparent risk management.
(4) The National Treasury should also enforce the requirement for effective risk management when an institution fails to address deficiencies in its system of risk management that have been communicated by the Auditor-General, National or Provincial Treasury, Audit Committee, or other competent authority.
(5) In addition, the National Treasury may do anything further that is necessary to fulfil its responsibilities effectively.