RISK MANAGEMENT COMMITTEE CHAIRPERSON

REF NO: Q9/2024/25

POST 28/03 :

In today’s complex and rapidly evolving business environment, effective risk management is more critical than ever. Organizations need strong oversight and strategic leadership to navigate potential pitfalls and safeguard their assets. One pivotal role in this process is that of the Risk Management Committee Chairperson. This blog post delves into the responsibilities, qualifications, and essential attributes of a Risk Management Committee Chairperson, using the recent position opening at the Independent Police Investigative Directorate (IPID) as a case study.

Overview of the Position

Position Title: Risk Management Committee Chairperson
Reference Number: Q9/2024/25
Salary: Remuneration in line with SAICA rates, with additional compensation for meeting preparation and attendance
Centre: National Office
Closing Date: 23 August 2024

The Risk Management Committee Chairperson plays a crucial role in overseeing and guiding the risk management strategies of an organization. In this role, one is responsible for ensuring that the organization effectively identifies, assesses, and mitigates risks in accordance with established policies and regulations. This position is pivotal in maintaining the organization’s integrity and ensuring compliance with risk management standards.

Responsibilities

1. Chairing the Risk Management Committee The primary responsibility of the Chairperson is to lead the Risk Management Committee. This includes setting agendas, facilitating discussions, and ensuring that meetings are productive and focused on key risk management issues. The Chairperson must effectively communicate with committee members and other stakeholders to provide clear guidance and direction.
2. Monitoring Risk Management Implementation The Chairperson is responsible for overseeing the implementation of the risk management framework within the organization. This involves reviewing how well risk management policies and strategies are executed and ensuring that they are aligned with the organization’s objectives and regulatory requirements.
3. Reviewing Risk Policies and Strategies Regular review of risk policies, strategies, and procedures is essential to ensure that they remain relevant and effective. The Chairperson must evaluate existing risk management documents and propose updates or improvements as necessary.
4. Evaluating Risk Management Action Plans The Chairperson must review and assess risk management action plans to ensure they are being effectively implemented. This includes monitoring progress, identifying any issues, and ensuring that corrective actions are taken when needed.
5. Integrating Risk Management into Organizational Processes Effective risk management should be an integral part of the organization’s planning, monitoring, and reporting processes. The Chairperson is responsible for ensuring that risk management considerations are embedded in all relevant organizational activities.
6. Assessing Risk Appetite and Tolerance The Chairperson must review and approve the organization’s risk appetite and tolerance levels. This involves assessing the organization’s willingness and capacity to take on risk and ensuring that these levels are aligned with its strategic objectives.
7. Providing Guidance on Compliance and Ethics Ensuring that the organization adheres to legal and ethical standards is a key responsibility of the Chairperson. This includes providing guidance on compliance, ethics, and anti-corruption measures to maintain the organization’s integrity.
8. Reporting to the Accounting Officer and Other Committees The Chairperson must provide regular reports to the Accounting Officer and other management or oversight committees, such as the Audit Committee. These reports should detail the status of risk management efforts, any significant issues, and recommendations for improvement.
9. Guiding the Risk Maturity Model Implementation The Chairperson should guide the implementation of the organization’s risk maturity model, which helps assess and enhance the organization’s risk management capabilities over time.
10. Ensuring Combined Assurance The Chairperson must ensure that the combined assurance approach is effectively implemented. This includes coordinating between internal audit, risk management, and other assurance providers to ensure comprehensive coverage of risk management activities.

Essential Qualifications and Attributes

To be considered for the position of Risk Management Committee Chairperson, candidates must meet specific educational and professional qualifications:

1. Educational Requirements

• Matriculation Certificate: A minimum of a high school diploma or equivalent.
• Bachelor’s Degree or Postgraduate Degree: A degree in Auditing, Risk Management, Business Administration, or a related field, recognized by the South African Qualifications Authority (SAQA).

1. Professional Experience

• Minimum of 10 Years’ Experience: Candidates should have at least a decade of management experience in Risk Management and/or Auditing, preferably within the public service sector. This experience should include work in Anti-Fraud and Corruption environments.

1. Knowledge and Understanding

• Corporate Governance: A solid understanding of corporate governance principles and practices.
• COSO Model: Familiarity with the Committee of Sponsoring Organizations (COSO) model for enterprise risk management.
• Public Sector Risk Management Framework: Knowledge of frameworks and guidelines specific to the public sector.
• Public Finance Management Act and Treasury Regulations: Understanding of relevant financial regulations and legislative requirements.
• Enterprise-Wide Risk Management: Experience in managing risk across the entire organization.
• Risk Management Strategy and Architecture: Ability to develop and implement risk management strategies and frameworks.
• Risk Culture and Appetite: Insight into shaping and managing the organization’s risk culture and appetite.
• Risk Performance and Reporting: Competence in evaluating and reporting on risk management performance.

1. Professional Certifications

• Desirable Certifications: Candidates with qualifications such as CA(SA), CIA, CISA, or CFE are encouraged to apply. These certifications indicate a high level of expertise and commitment to the field of risk management.

Application Process

Interested candidates should submit their applications to the Independent Police Investigative Directorate (IPID). Applications can be sent via post to Private Bag X941, Pretoria, 0001, or delivered in person to 473B Benstra Building, Stanza Bopape Street, Pretoria. Alternatively, applications can be emailed to Recruitment12@ipid.gov.za. For further inquiries, contact Ms. K Chiloane at (012) 399 0022 or Ms. E Lethole at (012) 399 0040.

Term of Office

The term of office for the Risk Management Committee Chairperson is three years, with the possibility of renewal at the department’s discretion. Committee meetings are held quarterly, providing an opportunity for regular oversight and review.

The role of the Risk Management Committee Chairperson is both challenging and rewarding. It requires a combination of extensive experience, specialized knowledge, and strong leadership skills. As organizations navigate increasingly complex risk environments, the importance of effective risk management cannot be overstated. The Risk Management Committee Chairperson is instrumental in ensuring that an organization not only identifies and mitigates risks but also fosters a culture of proactive risk management and ethical conduct.

If you meet the qualifications and are passionate about enhancing risk management practices, consider applying for this crucial role. Your expertise could make a significant impact on the organization’s ability to manage risks effectively and uphold its commitment to governance and compliance.

This blog post offers a detailed examination of the responsibilities, qualifications, and application process for the Risk Management Committee Chairperson position, providing valuable insights for potential applicants and those interested in the field of risk management.