CHAPTER 21 - RISK MANAGEMENT FUNCTIONS OF THE PROVINCIAL TREASURIES
32. Functions of the Provincial Treasury with respect to risk management
(1) The Provincial Treasury has specific functions in terms of sections 5(4) and 34 of the MFMA 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) assist the National Treasury to enforce compliance.
(2) The Provincial Treasury should therefore monitor and assess the implementation of risk management in municipalities, and share with them the results of its monitoring to the extent that those results may assist the municipality in improving its risk management.
(3) With respect to capacity building, the Provincial Treasury should assist municipalities and municipal entities in building their capacity for efficient, effective and transparent risk management.
(4) The Provincial Treasury should also enforce the requirement for effective risk management when a municipality 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 Provincial Treasury may do anything further that is necessary to fulfil its responsibilities effectively.