Risk Management, Internal Audit and Compliance
The current global and local economic climate has increased the need for effective risk management practices within organizations. The decline in the global and local economies has negatively impacted on small and medium enterprises. As a result, risk relating to funding of small and medium enterprises has increased. The NEF has a dedicated risk management function reporting directly to the CEO and Finance and Risk Management Committee.
Established in August 2006, the Risk Management department plays a key role in facilitating the management of risks at the NEF. The department is responsible for creating an awareness of risk management, assisting management in creating a strong control environment and ensuring that the NEF adheres to corporate governance practices. During the current year the department has been involved in key initiatives such as establishing the risk appetite and risk bearing capacity of the NEF which is assisting with future planning of the NEF.
The division is also responsible for implementing a fraud prevention plan and has been responsible for the rollout of a fraud hotline.
With the increase in activity in the regulatory environment the division is implementing a formalized approach to compliance, to ensure that the organization adheres to all relevant legislation and all compliance issues are timeously identified.
In addition the division is currently involved in facilitating the Internal Audit process at the NEF, which is currently mainly outsourced.
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